Blue Xanax bars are a type of Alprazolam that comes in the form of a tablet with blue color, B 707 imprint, and 2Mg strength. It is a popular benzodiazepine medication available in the generic form of Alprazolam. Blue Xanax is classified as a schedule IV controlled substance by the US Drug Enforcement Agency (DEA). Blue Xanax directly works on the central nervous system and calms down the central nervous system.