Xanax XR (extended-release alprazolam) is a prescription medication that may be prescribed by healthcare providers for certain anxiety-related conditions, including panic disorder. The extended-release formulation is designed to release the medication gradually over time, helping maintain more consistent levels in the body throughout the day. Because alprazolam is a controlled medication with risks that include dependence, misuse, and serious side effects, it should only be used under the guidance of a qualified healthcare professional.