The Welsh actor was nominated for an Oscar earlier this year for his role in The Two Popes, also for Netflix.
He will now star opposite Imelda Staunton's Queen Elizabeth II in the final two seasons of the royal drama, which is expected to cover the 1990s and early 2000s.
"The positive experience I had making The Two Popes has given me the confidence to tackle the daunting prospect of playing Prince Philip," said Pryce via The Crown's official Twitter page.
