Xanax is used to treat anxiety and panic disorders. Xanax In Spanish is a type of benzodiazepine drug. It works by reducing abnormal excitement in the brain. Xanax is available as tablets, sustained-release tablets, orodispersible tablets, and a concentrated solution to be taken by mouth. Tablets, orally disintegrating tablets, and liquid concentrates are usually taken two to four times a day. Take the extended-release tablet once a day, usually in the morning. Follow the directions on your prescription label carefully. Take Xanax exactly as directed.