Xanax, more commonly known as Alprazolam, is a benzodiazepine medication used to treat anxiety and panic disorders. It affects the central nervous system by enhancing the effects of gamma-aminobutyric acid (GABA), a neurotransmitter responsible for reducing anxiety and inducing relaxation. Xanax is one of the most commonly prescribed psychiatric medications as it is fast-acting and effective for short-term treatment.