Prednisone is used to treat allergic disorders, ulcerative colitis, psoriasis and arthritis. Learn about side effects, interactions and indications. Prednisone is a corticosteroid medication used to treat various inflammatory and autoimmune conditions (e.g., asthma, allergies, arthritis) by rapidly reducing inflammation. Prednisone is a glucocorticoid medication mostly used to suppress the immune system and decrease inflammation in conditions such as asthma, COPD, and rheumatologic diseases. [3] Prednisone is a steroid medication that treats a wide range of health conditions including asthma, allergic reactions, arthritis and inflammatory bowel disease. 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. Prednisone provides relief for inflamed areas of the body. It is used to treat a number of different conditions, such as inflammation (swelling), severe allergies, adrenal problems, arthritis, asthma, blood or bone marrow problems, endocrine problems, eye or vision problems, stomach or bowel problems, lupus, skin conditions, kidney problems. Corticosteroid medicines include cortisone, hydrocortisone and prednisone, among others. They help treat rashes, inflammatory bowel disease, asthma and several other conditions.