Prednisone 5 mg is a low-dose steroid used for inflammation and immune conditions. Learn what it treats, its side effects, and how to take it safely. Prednisone is used to treat allergic disorders, ulcerative colitis, psoriasis and arthritis. Learn about side effects, interactions and indications. Prednisone is a steroid medication that treats a wide range of health conditions including asthma, allergic reactions, arthritis and inflammatory bowel disease. Prednisone is a corticosteroid (cortisone-like medicine or steroid). It works on the immune system to help relieve swelling, redness, itching, and allergic reactions. This medicine is available only with your doctor's prescription. Prednisone is a powerful steroid that many patients take for short bursts to tackle inflammation. When doctors prescribe a 5-day course, they’re typically looking at doses between 5mg and 60mg per day, depending on what’s being treated. Overview: Prednisone is used to treat a variety of inflammatory, autoimmune, and hormonal conditions. It works by suppressing the body’s immune response and reducing inflammation. Common side. Despite being a low dose, chronic use of 5 mg of prednisone still carries significant risks related to long-term exposure. A primary concern is the suppression of the hypothalamic-pituitary-adrenal (HPA) axis, the body’s natural stress response system.