The Prince is best used as a counterattacking troop — with his increased speed and damage while charging, the Prince can stop ground pushes fairly quickly and threaten enemy Crown Towers with ease.
Due to the Prince's speed when he is charging, he is effective for early offensive attacks, or as a punish to an opponent's Elixir investment.
He is a great card to deploy when the opponent has little Elixir left to counter him or their counters are out of rotation, as he will quickly get to the opposing Princess Tower. However, during the double Elixir period, the opponent will likely be able to counter him due to the rapid Elixir generation rate.
The Prince can be effectively paired with a splash unit, such as the Dark Prince. The splash unit and the Prince can cover each other's weaknesses. This can be a difficult combo to defeat without using a lot of Elixir. However, cards that can deal high area damage, like the Sparky, will be able to neutralize this combo.
If the player has a medium sized push going on one lane, they can drop a Prince in the opposite lane. The opponent will have to defend both, lest their towers take massive damage. This may also spread their counters to the Prince thin. For example, they may only have one swarm card but would need it to defend both pushes.
The Prince can be paired with high hitpoint troops such as the Giant. The Giant will soak up the hits while the Prince inflicts damage. However, without support from air targeting splash damage troops or spells, this combo can easily be taken down by large swarms or air troops.
The Prince's massive charge damage can be mitigated with weak troops such as Skeletons. As the attacker, one should bring proper supporting cards like spells or area damage units if they wish to have the Prince connect to a Crown Tower.
The Prince can be used in conjunction with the Miner in a counterattack to try and get the Prince to connect to the tower, by using the Miner to distract their support troops. For example, if they rely on a Bandit to soak the Prince's charge attack, the Miner can be preemptively placed near the Bandit so that it will walk behind the tower, leaving their Princess Tower with no defenders in front of it. However, this combo is also weak to swarms.