Can we characterize those commutative rings $R$ with unity such that for every prime ideal $ p$ of $R$, $R_p$ is a field?
I know that any Boolean ring has this property. Also, if a ring has this property, then every finitely presented module over it is projective. Can something more conclusive be said in any direction?
Yes, there is a characterization. For a commutative ring, localization at all primes are fields iff the ring is von Neumann regular.
This is pretty well-known... you can even see it in the wiki.
One way to get at it is to realize that all primes must be maximal ideals (if you localized at a maximal prime properly containing another prime, you would not get a field.) Then by this result which I have alluded to before that in such a ring, $R/J(R)$ is von Neumann regular and $J(R)$ is a nil ideal.
But $R$ being reduced is a local property, so if all its localizations at prime ideals are reduced, so is $R$. Then $J(R)=\{0\}$, and you have simply a von Neumann regular ring.
The opposite implication is trivial, considering that localizations of VNR rings are VNR, and local VNR rings are fields.