Prahllad Nataka is a devotional musico-dramatic tradition of southern Odisha that integrates ritual invocation, narrative dramaturgy, classical music, and folk performance practices into a unified theatrical structure. This paper examines the performance grammar, character system, spatial organization, musical architecture, and aesthetic principles that define the form. Beginning with the ritual Mangalacharana/Nandigana and guided by the Sutradhara, the performance unfolds through a carefully structured dramatic progression centered on the conflict between Hiranyakashipu and Prahllad, culminating in the climactic manifestation of Narasimha. The study analyzes the interplay between major and minor characters, the incorporation of comic and didactic interludes, and the integration of tribal and folk performance elements within a predominantly rāga-based musical framework. The repertoire employs thirty-four rāgas and six tālas, reflecting a confluence of Carnatic and Hindustani classical traditions within a regional devotional theatre context. The spatial configuration—featuring a tiered wooden stage and symbolic pillar—reinforces the ritual symbolism central to the narrative. Costume and make-up practices exhibit strong affinities with South Indian classical theatre traditions such as Kathakali and Therukoothu, while maintaining localized Odishan elements. The sacred Narasimha mask functions simultaneously as theatrical property and ritual icon. Despite reductions in performance duration due to modern socio-cultural shifts, Prahllad Nataka continues to preserve its devotional intensity and aesthetic integrity, representing a living synthesis of classical dramaturgical principles and community-based ritual theatre.