Police are investigating a report of a serious assault at a property on West Lane in Sharlston Common, near the junction with Weeland Road, in the early hours of Saturday morning.
Officers were contacted by the ambulance services at 4.09am, to a report of a man in his 50s who had sustained a serious stab wound.
His injuries are serious but not believed to be life threatening, and he remains in hospital.
A 55-year-old man was arrested in connection with the incident and has been bailed.
Enquiries remain ongoing by Wakefield CID and witnesses say a police guard had been stood outside the property for days.
Anyone with information is asked to contact police on 101, quoting crime reference 13190046473.