Xanax can be very helpful for short-term relief, using Long-Term Effects of Xanax Use can cause serious problems. Xanax is a medication often prescribed to help people who suffer from anxiety or panic attacks. It’s a strong drug that helps calm the mind and body, making you feel more relaxed. The main ingredient in Xanax is called Alprazolam, which belongs to a group of drugs known as benzodiazepines.