This village is located on the southern coast of Korčula, and its shape follows the coastline. Prižba is 10 km away from the town Blato, 16 km from Vela Luka, 4 km from Brna and 8 km from Smokvica. Prizba is made up of several smaller bays and two peninsulas, Ratak and Priscapac. Priscapac is also a small tourist resort with a small pebble beach.
The village's economy is based on tourism and associated activities, whereas originally it was almost exclusively fishing as this was a pure fishermen's village. At one end of Prizba is the tourist complex called Priscapac, which has a sports-diving centre.