Four different crystal forms of prednisolone, two polymorphic forms and two pseudopolymorphic forms, were obtained by the recrystallization from different organic solvents under varying conditions. The isolated crystal forms were characterized by differential scanning calorimetry (DSC), thermogravimetric analysis (TGA) and X-ray powder diffraction (XRD). Form 1 was the most stable form that had the highest melting point and melt at $250.1^{circ}C$. Form 2 was a monohydrate and Form 3 was a methanol solvate. The endothermic peak of Form 4 was shown at $230.2^{circ}C$. When stored at different relative humidity over the period of 3 months, all of the modifications did not undergo transformation. The dissolution patterns of these four modifications were also checked in distilled water at $37{pm}0.5^{circ}C$, for 120 minutes. The dissolution rate of Form 4 was highest and those of Form 3, Form 2, Form 1 followed. Form 2, Form 3 and Form 4 had higher dissolution rate than Form 1.