Xanax is a Prescribed medicine. It is known as alprazolam and is called a benzodiazepine. Xanax is used to treat anxiety and panic disorder. It calms your nervous system. It works by balancing out chemicals in your body. Xanax is available in more type of variants. That is 1mg, 2mg, 3mg, 0.5mg, and 0.25mg.