Xanax is a brand name for alprazolam, a medication in the benzodiazepine class. It is commonly prescribed for the treatment of anxiety disorders, panic disorders, and, in some cases, for short-term management of insomnia. Xanax Helps manage symptoms of anxiety disorders, including generalized anxiety disorder (GAD). Xanax Effective in treating panic attacks and panic disorder. Available in tablet form, including immediate-release and extended-release (XR) formulations.