Решението е да използвате execute и concat:
CREATE DEFINER=`root`@`localhost` PROCEDURE `test`(input VARCHAR(15))
BEGIN
SET @input = input;
if @input="asc" then
SET @sort = " order by ActivityLogKey asc";
elseif @input = "desc" then
SET @sort = " order by ActivityLogKey desc";
else
SET @sort ="";
end if;
SET @query = CONCAT('select * from activitylog ',@sort,' limit 0, 5');
PREPARE stmt FROM @query;
EXECUTE stmt;
DEALLOCATE PREPARE stmt;
END