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A three year old chestnut Thoroughbred mare with white socks, a white spot on her nose, and a star. She is ridden by Lisa as of Episode 12. Prancer is the most gorgeous and beautiful ex-racehorse that Carole would exercise for racehorse owner David McLeod, until the mare sprained a ligament and a fed-up McLeod made plans to sell her for slaughter. The girls made plans of their own to rescue Prancer by "horse napping" her in the middle of the night and hiding out in Max and Mrs. Reg's old barn. Max bought Prancer and with the help of The Saddle Club, started training her as a school horse. She saved Carole, Stevie, and Lisa from a deadly snake, after running away due to the fact that she was going to be sold and The Saddle Club went looking for her, but fell into an old abandoned mine shaft. With the proper training, Lisa believes that Prancer can become a champion show jumper. Prancer helps Liam save Lisa's life when she had to have an emergency Appendicitis due to stress from school, homework, ballet, clarinet lessons, riding lessons, and baby-sitting. Prancer is Starlight's pasture mate. Prancer and Starlight are best friends. In the books Prancer is bay like Starlight and Belle and she has a white face and unlike in the TV series Mr. McLeod is a kind man who puts the well being of his horses first and Max and Dr. Judy both own her.

In the "Pine Hollow" series Prancer dies along with her foals during a difficult pregnancy. In Season 3 Prancer is solid Chestnut and she doesn't have any of her markings. When Lisa advanced as a rider, she started working with Prancer.