At around 4 am on Monday (1 January), officers attached to Murray River Police District responded to reports of a stabbing at a home on Parkland Crescent, Lavington, northeast of Albury.
NSW Ambulance paramedics responded and treated a 24-year-old man for stab wounds before he was taken to Albury Hospital.
He was later transferred to Alfred Hospital Melbourne in a serious but stable condition.
Officers established a crime scene and commenced an investigation into the incident.
Following inquiries, two men, aged 20 and 24, were arrested later that day at a home in Eastern Circuit, Albury.
Both men were refused bail to appear in Wagga Wagga Local Court.