The man was stabbed a number of times in the chest and legs following an altercation in the city around 10 p.m.
Another man has been arrested and charged with possession of a weapon for a dangerous purpose, assault with a weapon and public mischief — damage to property — equal to or under $5,000.
Summerside Police Services were called in to investigate the incident, which allegedly took place after a Notre Dame Street resident, who had his windows smashed out of a trailer parked in his yard, decided to track down those he felt were responsible.
The owner of the trailer and a second individual, who had a description of the alleged individuals responsible for the damage, located the four suspects on Northumberland Avenue near Willow Avenue.
An altercation took place between the owner of the trailer and a 21-year-old Breadalbane man, who was allegedly armed with a knife.
The owner of the trailer was allegedly stabbed a number of times by the 21-year-old in the chest and the legs.
The Breadalbane man fled from the scene but was later arrested by Summerside police.
The victim was taken to Prince County Hospital, treated and later released.
Police say that it is believed that the two other people who had been with the suspect may have known a family member of the victim.
Police are not releasing any further information at this time as the investigation is ongoing and further charges may be laid against others.