This question is a prompt for a literary analysis or a retelling of the story. To answer it accurately, one would need to refer to the specific version of "The Little Mermaid" being discussed. Generally, the Little Mermaid saves the prince because she is in love with him and wants to save his life after he falls overboard during a storm. Her actions are driven by her unrequited love and her desire to be with him, even though she knows the cost of her actions (giving up her voice and potentially her immortal soul).