Police and paramedics were called to the Avenue at about 10.45pm following a man sustaining stab wounds to his back.
The victim, who is in his 20s, remains in hospital at this time. His injuries are not believed to be life-threatening.
It is believed he was attacked by two males wearing dark clothing and hooded tops.
Police enquiries are at an early stage, but said they currently believe it to be an isolated incident.
As a precaution though, the public can expect to see a greater high visibility police presence on the streets of Minehead in the coming days to provide reassurance.
Anyone who witnessed the assault, or has CCTV footage showing the nearby area, is asked to call 101 and quote crime reference number 5222085198.