Hydrocortisone (Hydrocortone®, Cortef®) is a steroid used to reduce swelling, redness and itching caused by allergic reactions or skin problems. It is also used to treat asthma, arthritis and many other conditions or to replace cortisone-like hormones that keep your child healthy, when your child's body is not making the right amount. Ask your child's doctor if you are not sure why your child is taking the drug. Hydrocortisone is available orally as tablets. Your pharmacy may also be able to prepare a liquid form of the medication for you.