Primarily a right-arm medium-fast bowler, Prasad was noted for his bowling combination with Javagal Srinath.

Notably, he once took 10 wickets in a Test match in Durban, South Africa, in December 1996.

One of his finest moments came in 1996 Cricket World Cup when after being hit for a boundary and openly sledged by Pakistan batsman Aamir Sohail, Prasad, on the very next ball, clean bowled Sohail, which was a key turning point of the match, which helped India win the game.

Prasad tried unsuccessfully to make a comeback after that before retiring from all forms of cricket in May 2005, having secured two Ranji Trophy championships with Karnataka.

[clarification needed] He was made coach of the India Under-19 Cricket team in January.

On 15 October 2009, Venkatesh Prasad was sacked by the BCCI, which did not give any reasons for the unceremonious dumping.