The Palace said Charles's condition was benign and he would be having a corrective procedure.
The 75-year-old's engagements will be postponed for a short period of recuperation.
The news came just 90 minutes after Kensington Palace yesterday announced that the Princess of Wales was recovering in hospital after abdominal surgery.
It is understood the King, currently at Birkhall, his private home at Balmoral, got the diagnosis yesterday.
The announcement was made on the same day as Kate's hospital stay because guests, including foreign dignitaries and members of the Cabinet, were due to travel to Scotland and needed to be made aware of the situation.
A Buckingham Palace statement said: "In common with thousands of men each year, the King has sought treatment for an enlarged prostate.
"His Majesty's condition is benign and he will attend hospital next week for a corrective procedure. The King's public engagements will be postponed for a short period of recuperation."
It is understood Charles was keen to share his diagnosis to encourage other men who may be experiencing symptoms to get checked.
Buckingham Palace said it did not anticipate any Counsellors of State being needed to step in for the King on official duties while he is being treated.

Charles is set for procedure on his enlarged prostate

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is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

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which gives digital readers unlimited access to 9,000+ magazines and newspapers for a monthly subscription price. Magzter also has the largest number of stories in the world with its game-changing ezRead 2.0 feature for its apps, which enables smartphone and small-screen mobile users to enjoy magazine content the way it was meant to be enjoyed, with article text that is easy to read and is accompanied by stunning videos and high resolution photography.

{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.