Diazepam is a benzodiazepine central nervous system depressant that is indicated in the treatment of anxiety disorders or for short-term relief of symptoms of anxiety. Valium is the most common brand name of packaged diazepam. It appears to act on parts of the limbic system, the thalamus and hypothalamus, and induces calming effects. Side effects of Valium and other benzodiazepine central nervous system depressants include confusion, convulsions, hallucinations, and impaired memory.