We establish some general dynamical properties of lattice many-body systems that are subject to a high-frequency periodic driving. We prove that such systems have a quasi-conserved extensive quantity $H_*$, which plays the role of an effective static Hamiltonian. The dynamics of the system (e.g., evolution of any local observable) is well-approximated by the evolution with the Hamiltonian $H_*$ up to time $tau_*$, which is exponentially long in the driving frequency. We further show that the energy absorption rate is exponentially small in the driving frequency. In cases where $H_*$ is ergodic, the driven system prethermalizes to a thermal state described by $H_*$ at intermediate times $tlesssim tau_*$, eventually heating up to an infinite-temperature state at times $tsim tau_*$. Our results indicate that rapidly driven many-body systems generically exhibit prethermalization and very slow heating. We briefly discuss implications for experiments which realize topological states by periodic driving.
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