Yes, there is rail service from Prague.

You have two main options:

The slow train takes 4 1/2 to 5 hours and requires at least one connection, and sometimes two. Cost: 459 Kc (27-28 USD)

The faster way uses the Pendolino train and cuts the travel time to 3:30 with a change in Ostrava. Cost: 658 Kc (39 USD)

Driving without stops or traffic problems will take around 3:30. There are tolls, petrol is high, and the cost of renting a car will likely put you at a great disadvantage to the train.