Xanax is approved by the Food and Drug Administration (FDA). Generally, Xanax is used for patients who have anxiety, panic disorder, suffering from depression, panic attacks, etc. There are different doses available in various strengths such as Xanax 0.25 mg, Xanax 0.5 mg, Xanax 1 mg, Xanax 2 mg, Xanax XR 3 mg, White Xanax, Blue Xanax, Yellow Xanax, Red Xanax, and Green Xanax.