Substance Abuse Treatment Find drug & alcohol treatment centers across the United States. Xanax. Xanax is a benzodiazepine, or a Central Nervous System depressant often prescribed to treat anxiety, nervousness, panic attacks, and tension. Xanax can be found in the generic form called, Alprazolam. Xanax (Alprazolam) is a Schedule IV drug as per the Controlled Substance Act (CSA). According to the Drug Enforcement Agency of the United States Department of Justice and CSA, controlled substances are given a five-schedule rating systems for their potential for dependency and abuse.