It was Senna's fifth consecutive Monaco win and sixth in all, breaking the record set by British driver Graham Hill in 1969.
Hill's son Damon finished second in a Williams-Renault, with Frenchman Jean Alesi third in a Ferrari.
Devote on the first lap as ever there was a scrap as Blundell's Ligier was forced wide off the track and eventually retired after spinning into the wall with suspension damage.
Schumacher, comfortably ahead, suddenly slowed down with a hydraulic problem on lap 33 and retired in a cloud of smoke at Loews.
The main entertainment was provided by Prost as he climbed up the field despite difficult overtaking at the Monaco street circuit.