Monday's announcement comes as the U.K. is celebrating the queen's Diamond Jubilee.
On Sunday, Prince Philip joined the queen and senior royals on the River Thames in cold and blustery weather for a pageant in honor of Elizabeth's 60 years on the throne.
The palace said the prince, who will turn 91 on Saturday, was taken to the King Edward VII Hospital in London from Windsor Castle on Monday as a precautionary measure.
It said he would remain in hospital under observation for a few days.
He will miss Monday's evening's Buckingham Palace pop concert celebrating the queen's jubilee.
Philip has cut back on official engagements in recent years but still maintains a busy schedule. He spent four nights in the hospital at Christmas after suffering chest pains and underwent a successful coronary stent procedure.