Patients with panic attacks (or acute anxiety episodes) often present respiratory symptoms, especially dyspnea. Biological, behavioral and cognitive models of panic attacks are presented. The "false suffocation alarm model" is outlined. Biological and cognitive-behavioral treatments which use, among other techniques, respiratory regulation and hyperventilation, are described. Controlled studies and several meta-analyses show that cognitive-behavioral therapies represent an alternative to anxiolytics and antidepressants in panic attacks with or without agoraphobia, and have long lasting effects, while most of the patients under medication alone relapse when pharmacological treatments are stopped.