Xanax is a brand name for the medication alprazolam, which belongs to a class of drugs known as benzodiazepines. It is a prescription medication primarily used for the short-term management of anxiety disorders, panic disorder, and occasionally for the treatment of insomnia. Here are some important points to know about Xanax. Xanax is commonly prescribed for the treatment of anxiety disorders, including generalized anxiety disorder (GAD), social anxiety disorder, and panic disorder. It can help reduce feelings of anxiety, promote relaxation, and alleviate symptoms associated with these conditions.