In this study, the design scheme for a prism-based spatial heterodyne spectrometry is presented. This technology is implemented by replacing the gratings in a traditional spatial heterodyne spectrometer with dispersion prisms and plane mirrors. Axial optical path analysis is employed to derive the matching relationship between the component parameters. A theoretical simulation of the interferogram is performed using simulation software. The influences of the refractive index and vertex angle of the dispersive prism on the spectral resolution are analyzed. The experimental platform of the prism-based spatial heterodyne spectrometry is developed to provide a preliminary verification of its feasibility at wavelengths of 635 nm and 650 nm. The experimental results show that the spectral resolution is 1.07 nm when the dispersion prism is set to BK7 glass (refractive index of 1.51452 at wavelengths of 650 nm) and the vertex angle is 30°; the simulation results show that the light energy utilization rate is 94.43%. The experimental results are consistent with the theoretical results, thereby demonstrating the feasibility and scientificity of this design scheme and providing new concepts for the study of the spatial heterodyne spectrometry. In addition, the spectral resolution can be further improved by selecting a higher-refractive-index dispersion prism and increasing the vertex angle.