The incident is believed to have happened at around 5.45pm and 6pm at the junction of Elm Tree Street and Dunbar Street, in the Belle Vue area of the city.
A group of suspects approached the victim, a 48-year-old man, and began to assault him.
He sustained a stab wound to his back, as well as bruising to his head and body. His injuries are non-life threatening.
Three men, aged 40, 36 and 32, were arrested on suspicion of wounding and have been bailed.
Enquiries remain ongoing by Wakefield CID.
Anyone who witnessed the incident or anyone with information is asked to contact police on 101, quoting crime reference 13180490251.