The disease is now the most common cancer in men, but can be hard to detect early.
Symptoms do not normally appear until the cancer has grown large enough to put pressure on the urethra, resulting in problems with urination.
The new programme hopes to enlist the help of 40,000 men and will target those at high risk including black men, men over the age of 50 and those with a family history of the disease.
Ahead of the launch Theresa May said: “Too many people endure the loss of a loved one because cancer diagnosis comes too late in the day.
“Our cancer treatments are world class and survival rates are at a record high, but prostate cancer still claims thousands of lives every year.
“I know we can do more. That’s why I am setting out new plans to help thousands of men get treated earlier and faster.”
Dr Iain Frame, director of research at the charity Prostate Cancer UK said: “Prostate cancer is the most common cancer in men and it is now the third most common cause of cancer deaths in the UK.
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“However, with increased research investment used wisely, over the next few years we can turn this around and make prostate cancer a disease men no longer need to fear.
“This is what Prostate Cancer UK is striving for through our ambitious research programme.”