The incident took place on O'Connell Street, close to the Luas stop located on the central median.
Gardaí and emergency services were called to the scene at approximately 4.30pm following reports of the incident.
The man's injuries are understood to be non-life-threatening.
A man in his 40s was arrested by Gardaí in connection with the stabbing.
He is currently being held at a Dublin Garda station under Section 4 of the Criminal Justice Act 1984.
Gardaí are continuing to investigate the circumstances surrounding the incident.
