Located 100 miles southwest of Little Rock, Prescott was developed on the Prairie D'Âne,[4] named by French colonists before the United States acquired this area.

The prairie consisted of approximately 25–30 square miles of rolling open land, surrounded by forest.

As of 2014, Prescott and Nevada County had sixteen properties listed on the National Register of Historic Places.

Prescott grew quickly because the railroad provided a reliable way to transport local products to larger markets.

The timber industry became important to the region's early economy when in 1890, James H. Bemis & Benjamin Whitaker built the Ozan Lumber Company plant in Prescott.

It also provided passenger service, connecting adjacent communities to the Missouri Pacific Railroad Depot in Prescott.

The large open prairie was named by French colonists and is located in the Arkansas Timberlands region of the Ark-La-Tex.

The climate in Prescott is characterized by hot, humid summers and generally mild to cool winters.

The Fall Festival and Trade Days showcases games, activities and numerous entertainment and sports events.

These include a 5K run/walk, arts & crafts booths, a BQ cook-off, balloon liftoff, beauty pageant, bunco tournament, co-ed softball tournament, dessert contest, dunking booth, face painting, food vendors, a great pumpkin treasure hunt, pet costume contest, pie eating contest, sidewalk sales, and the Tyson/Calvin Brown basketball tournament.

[17] It is located in downtown Prescott, and is administered by the Southwest Arkansas Regional Library System.

It was constructed in 1912 and houses permanent exhibits on the Civil War Battles, Railroads, and general history of Prescott and Nevada County.