A crime scene has been declared in West Hobart after two males were assaulted at a Hill Street residence on Friday night.
One man suffered multiple wounds to his neck and legs, another left with minor injuries.
Police gathered in numbers in the vicinity after the disturbance was phoned in.
"The wounded man, a 38 year old man from West Hobart, left the scene, but was located shortly after by police in Warwick Street where they administered first-aid, prior to treatment by Ambulance Tasmania," said Inspector Marc McCreadie.
The man was rushed to hospital and underwent surgery for non-life-threatening injuries.
He is now listed as stable.
Police are yet to make any arrests but say those involved were known to each other.
Anyone with information can tip off Crimestoppers anonymously on 1800 333 000.