Prednisolone is a steroid medication that treats conditions like asthma, allergic reactions, arthritis and inflammatory bowel disease. It decreases inflammation, slows down an overactive immune system or replaces cortisol in your body. Brand names of this medication are Millipred and Prednoral. Prednisolone is used in the treatment of severe allergic reactions, allergic conditions, rheumatic disorder, skin disorders, eye disorders and nephrotic syndrome. Prednisolone is a steroid which works by blocking the production of certain chemical messengers in the body that cause inflammation (redness and swelling) and allergies.