A breast prosthesis is formed by providing a core of low density foam, shaping the core in the general form of a breast, and applying an outer layer of resilient skin to an outer side of the core to substantially resemble a breast. The inner side of the core opposite the outer side is shaped for mating engagement with a user. A plurality of interchangeable covers of flexible material are each arranged to releasably span the inner side of the core. Typically, coloring is provided on the outer side to resemble an areola of the breast and a protrusion arranged to resemble a nipple of the breast is releasably adhered to the outer side at various positions relative to the areola.