Prospect Vale is a small suburb of Greater Launceston within the Meander Valley Council area.
The land was originally used by European settlers for cattle grazing and horse studs. The suburb was originally part of the adjacent suburb of Prospect, which was proclaimed in 1958. Prospect primary school was the area's first school. This school is now known as Summerdale primary school, and is in the suburb of Sumerhill. It contains two schools, the public Prospect High School and a private Catholic school, St. Patricks College. St Patrick's moved to the current site in the late 1950s, to where the Rising Sun Hotel, a 2-storey 12-room building had been first built. The current school buildings were built c.1961 for around 400 students.
Prospect Vale also has a small shopping centre, Prospect Vale Marketplace, containing a Woolworths Supermarket and a small industrial park lies within its boundaries. Sporting grounds include the St Patrick's Old Collegians Football Club Oval, who compete in the Northern Tasmania Football Association.