The 82-year-old and his family are reviewing treatment options with doctors.
Biden was diagnosed on Friday after having experienced urinary symptoms, the statement said.
Biden’s diagnosed prostate cancer is characterized by a Gleason score of 9 (Grade Group 5) which is the most aggressive form on the scale used by doctors.
“While this represents a more aggressive form of the disease, the cancer appears to be hormone-sensitive which allows for effective management,” his office said.
Biden’s term as president ended on January 20, when Donald Trump was sworn in.
Biden, who served as president from 2021 to 2025, abruptly ended his bid for reelection last July, weeks after a halting performance during a debate against Republican candidate Donald Trump prompted panic among his fellow Democrats. Vice President Kamala Harris took over as the party’s nominee but lost in November to Trump.
Biden was oldest person to be sworn in as president at the time he took office, at 78 years, 61 days in January 2021. He was overtaken by Donald Trump this year, aged 78 years, 220 days when he was inaugurated.