Cord prolapse is a serious obstetric emergency that can lead to fetal distress and death if not managed promptly. It occurs when the umbilical cord descends through the birth canal ahead of the presenting fetal part. Immediate actions upon diagnosis include manual elevation of the presenting part, left lateral positioning of the mother, and preparations for emergency delivery by cesarean section or operative vaginal delivery depending on cervical dilation. Prevention focuses on early identification of risk factors like abnormal fetal lie and timely delivery for non-cephalic presentations.