Pablo Sosa, 35, appeared in court Friday to face charges for the Tuesday evening attack.
Prosecutors said Sosa pulled out two knives, stabbing the man nine times.
Sosa tried to get away on a bike, but another beach-goer hit him in the head with a bottle.
Bail was set at $750,000.
Chicago police said two men were stabbed at North Avenue Beach in the city's Lincoln Park neighborhood Tuesday evening.
Officials said both victims were taken to Northwestern Memorial Hospital for treatment. A 25-year-old man was taken in critical condition, and a 35-year-old man was taken in serious condition, a fire department spokesperson said.
"You have families out here with their kids trying to enjoy the beach, trying to enjoy the day, the nice weather, you know," said Joshua Menendez, beachgoer.
Police said the men were involved in a physical dispute with each other over a domestic-related issue.
"One subject pulled out a knife. One subject pulled out a bottle with a jagged edge, and during the struggle between these two subjects, both subjects were stabbed," said First Deputy Superintendent Kevin Navarro, Chicago Police Department.
The 25-year-old man was stabbed in the chest. The 35-year-old man was wounded in the face, knee and wrist.
"There was a guy bleeding from his face. He had a stab wound right here," said Zion Navas, beachgoer, as he touched his cheeks. "And another guy had one on his right hand and one on his shoulder."
The stabbing comes on the heels of a shooting at 31st Street Beach in which two 16-year-old boys were wounded Sunday night following an altercation.
This summer police have increased beach patrols and bag searches, and there's been a crackdown on drinking. Police said those efforts are working.
"The beaches are safe," Navarro said. "Even though the stabbing did occur, our officers were right on scene. We have increased patrols, including bicycles, ATVs, and officers on foot."
Both men are in custody while being treated for their wounds.