Xanax is an oral medication prescribed for certain anxiety disorders. Xanax contains the active ingredient alprazolam which belongs to the benzodiazepine drug class. Xanax has two forms One is Xanax which is an immediate-release tablet, which means all the medication is released as soon as the tablet dissolves. The other one is Xanax XR which is an extended-release, which means the drug is released slowly over time.