The paramedics were treated at the scene before being taken to hospital.
The incident took place after they were called to a house in Stephens Close to check on the welfare of a man.
They used their emergency alert to tell colleagues they had been stabbed.
Shocking footage from the scene shows a medic being wheeled away by a colleague.
A number of emergency service vehicles are on the scene.
A West Midlands Ambulance Service spokesman said: “Two members of ambulance service staff have been stabbed after attending a call out to check on the welfare of a man in Wolverhampton.
“The initial call came through at around 12.15pm this lunchtime to an address in Stephens Close.
“Shortly after arrival, the crew used their emergency alert to say that they had been stabbed
“Three additional ambulances, two Midlands Air Ambulances and the West Midlands Care Team attended the scene along with three paramedic officers.
“The two members of staff, both paramedics, have been treated at the scene by doctors and paramedics and have been taken to hospital for further treatment.
“A man who was tasered by police officers at the scene has also been treated by ambulance staff.
“More details will be released later.”
A man has been arrested.
A West Midlands Police spokesman said: “A man has been arrested after two paramedics were stabbed at a property in Stephens Close, Wolverhampton today.”
A resident spoke of her shock, telling BlackCountryLive: “This is not normal for the area. It is usually quiet.“
Another described the incident as “odd” as it is a street where “everyone gets on”.