The explosions took place at the two-storey residence of the Palestinian ambassador in the northern suburb of Suchdol.
According to local media reports, his family were in the building at the time but no-one else was injured in the blast.
The Czech Republic's public broadcaster has named the Palestinian Ambassador reportedly injured in an explosion in Prague as Jamal Muhammad Jamal.
Emergency services spokeswoman Jirina Ernestová is cited as saying that his injuries are "very serious" and that he is in a medically-induced coma in hospital.
Photographs from the scene showed a police cordon and a range of emergency service vehicles.
The Palestinian ambassador to the Czech Republic has been injured in an explosion at his residency in Prague, local Czech media are reporting.
The blast occurred before midday.
The Czech Republic will be getting its very own David Brent as the Office is remade for audiences in the eastern European country.
The original Office, first shown on BBC screens back in 2001, has appeared in 90 countries across the globe.
However, BBC Worldwide, has sold the format, moving the action from Slough to Brno, the second biggest Czech city.
Co-creator Ricky Gervais, who played David Brent in the original BBC series said: "I'm extremely flattered and excited that there is about to be a new version of The Office.
"Prague was the first place in the world to produce a stage version, so I'm very glad a local adaptation is coming to TV too. Cue jokes about Gervais and another fat cheque."
The level of the River Vltava has reached its peak and is expected to begin returning to normal levels, according experts cited in the Prague-based daily Mlada Fronta Dnes.
Some 60 roads remain closed as well as large parts of the city's metro system, the newspaper reports.
This was the scene in the early hours of this morning:
Flooding in the Czech capital Prague is expected to get worse before it gets better as water levels in the River Vltava reach their peak later this morning.
The Prague daily Lidove Noviny cited the Prime Minister Petr Necas as saying that water flow was expected to reach 3,300 cubic metres per second, up today from 2,900 last night.
The situation is made worse by the fact that the Orlik reservoir, which helps control the flow, is close to full capacity.
Temporary flood barriers and sandbags have been used to keep the water from Prague's Old Town - a World Heritage Site - after record floods in 2002 caused serious damage.
Torrential rain has caused rivers to break their banks in central Europe leaving towns and cities under several feet of water.
Parts of the Czech Republic, Germany, Austria, Hungary and Poland have reported serious flooding, with water levels reaching record highs.
The Czech government has drafted in 300 soldiers to help bolster flood defences after the river Vltava broke its banks.
Local media cited the head of Hungary's National Disaster Authority as saying that water levels in the Danube could exceed the height seen in the record flooding in 2002.
The town of Passau in southern Germany is seeing some of the worst flooding in 70 years.
Czech Prime Minister Petr Necas pledged 300 million Czech crowns ($15 million) to relief efforts and said another 2,000 troops were ready to support the 300 soldiers already helping to erect temporary barriers and pile sandbags in Prague and other areas.
"The government approved the declaration of a state of emergency, which will enable a more effective rescue effort," said Necas after an emergency cabinet meeting, adding that there was another 1.3 billion crowns available to help fund the cleanup operation.
The historic area of Prague is a UNESCO heritage site boasting hundreds of well-preserved buildings, churches and monuments dating back centuries, including the Charles Bridge straddling the Vltava that was closed due to high water
Czech Prime Minister Petr Necas declared a state of emergency for most of the nation on Sunday as swollen rivers caused by days of heavy rain threatened Prague's historic centre and forced evacuations from low-lying areas.
Prague authorities limited public transport and planned to close underground stations in the centre of the city as water from the Vltava River overflowed into picturesque areas popular with tourists
The main train line connecting the capital and the east of the country was also shut.
Footage of the building and surrounding area affected by a powerful blast in the Czech capital Prague, which injured up to 40 people.
It is not certain what caused the explosion but a police spokesman has said it is likely to be natural gas.
Emergency workers are searching the building for any people buried under the rubble.