The incident happened shortly after 10 p.m. ET when an argument broke out between two men near the intersection of De Liège Street and Champagneur Avenue.
Montreal police said one of the men stabbed the other in the upper body. The victim tried to run away, but only got about 50 metres before collapsing.
He was taken to hospital and initially listed in critical condition, however police say his condition has improved.
Police didn't say what provoked the argument, but said the two men knew each other.
Four suspects were arrested and taken in for questioning.
Police set up a perimeter around the scene as they investigated.