Xanax is a potent medication that deals effectively with a host of issues about anxiety, comorbid depression, panic attacks, phobia with or without agoraphobia. Blue Xanax bar is 2mg of Alprazolam and is also used to treat generalized anxiety disorder and panic attacks. Blue Xanax bar is among the most commonly used medications, and it helps people stay relaxed and calm; as a result, it tapers down anxiety and is effective for management. It is a schedule IV controlled substance due to the risk of drug abuse and misuse.