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Prince of this world - a Christian perspective
The "prince of this world" is generally interpreted as Satan, the devil. Christ's arrival signaled not only the salvation of mankind, but the ultimate downfall of the evil one.

http://biblegateway.com/passage/?search=John%2012:31-32&version=NIV

Bible Concordance :: Satan
Means "adversary." Satan is the enemy of God. He wants to destroy everything God has created. He is also called "the devil" (James 4:7), "the evil one" (1 John 5:18-19), "the prince of this world" (John 14:30) and "the god of this age" (2 Corinthians 4:4). Satan brought evil into the world.

http://biblica.com/niv/appendix/concordance_resultsingle.php?rowid=106