Police were called to reports of the stabbing at a home on Lea Road, Lea, at around 4.25am on Sunday.
The 29-year-old victim was taken to Royal Preston hospital where he is being treated for a stab wound to his abdomen.
A force spokesman said he is currently in a stable condition and his injuries are not thought to be life threatening.
A woman, 32, and a 29-year-old man, both from Preston, have been arrested on suspicion of wounding and are currently in police custody.
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An investigation is underway and anyone with any information about this incident is urged to contact police on 101.