Common side effects of Xanax include drowsiness, dizziness, confusion, dry mouth, and reduced coordination. In higher doses or prolonged use, it can lead to memory problems, emotional dependence, and withdrawal symptoms. Xanax has a high potential for abuse, especially when taken recreationally or combined with alcohol or other depressants. Misuse can result in severe drowsiness, respiratory depression, and, in extreme cases, overdose and life-threatening complications.