Preheat the oven to 500 degrees Fahrenheit.
Use paper towels to pat any excess moisture off of the prime rib and transfer it to a large roasting pan or baking dish.
Combine the softened butter, minced garlic, garlic powder, and fresh herbs in a small bowl and stir well until combined.
Rub the garlic butter mixture over the entire prime rib. Stand the prime rib upright so that the fat cap is pointing up.
Roast at 500 degrees for 5 minutes per pound. For a 5-pound prime rib, this will take 25 minutes.
Open the oven door to let out some heat and lower the oven temperature to 300 degrees F.
Continue baking until the internal temperature reaches 120 to 125 degrees F for rare, 130 to 135 degrees F for medium-rare, or 138 to 140 degrees F for medium. For a 5-pound prime rib, this will require just under two hours of roasting for medium-rare prime rib.
To check the temperature of the meat, insert an instant read thermometer into the thickest part of the roast and wait until the numbers stop moving to get an accurate read.
Once the meat has reached your desired level of doneness, pull it out of the oven and let the meat rest for at least 15 minutes. As the prime rib rests, you can prepare an au jus or gravy from the drippings in the bottom of the roasting pan.
Transfer the meat to a cutting board and use a sharp knife to slice it into steaks. If you have a bone-in rib roast, slice the ribs off of the roast prior to cutting it into steaks.
Serve prime rib with your favorite side dishes, and enjoy!