The incident took place Winn Gardens, Middlewood where the man suffered a single stab wound.
The man was rushed to hospital and his injury is serious but not thought to be life-threatening.
Police were called to the scene just after midnight.
A 32-year-old Sheffield man has been arrested in connection with the incident.
Officers continue to explore a number of lines of enquiry today and believe others, who have not yet been located, may have been involved.
Police say they are interested to hear from anyone who saw what happened, or has information that could help.
Are you a witness? Call South Yorkshire Police on 101, quoting incident number 7 of Saturday July, 9 2016.
Alternatively, call Crimestoppers anonymously on 0800 555 111.