The incident occurred at approximately 3:30 a.m. in the 900-block of W. Belmont near the Red Line CTA station at Belmont and Wilton.
There were reports that the stabbing began as a fight involving several people near the entrance to the train station.
Police say the victim is a 24-year-old African-American man. He told police he had an altercation, and someone allegedly stabbed him in the back.
The victim was taken to Illinois Masonic Hospital in good condition. Police say no arrests have been made.
This is the third stabbing in the area in the last month. Another stabbing on July 3 was caught on tape. In that attack, a 25-year-old man was surrounded by at a least a dozen other people who stabbed and kicked him.
Before that incident, another area stabbing was reported June 18 near Halsted and Roscoe.
"What happens at 4 o'clock is you have a number of our late night establishments closed - so you have a lot of people on the street from all over town," said 44th Ward Alderman Tom Tunney. "I believe the [police] presence last night was adequate. I was here because, obviously, we're very aware of what's been happening in the neighborhood."
The Saturday stabbing took place near Tunney's Ann Sather restaurant. Tunney said there are two suspects in custody.
Residents in the Boystown and Lakeview areas have been expressing concern about the increase in violent crime in the neighborhoods usually thought to be relatively safe.
"Until we rejuvenated the neighborhood, we had people living here that were causing problems. Now that it's successful and it's very active, we get people coming in here, and they try to get territory struggles," said former Ald. Bernie Hansen. "It's evident that struggles happen, and these struggles happen between people who don't live here."
Police responded to residents' concerns after the July 3 incident, saying the stabbings were isolated incidents. However, police do acknowledge an increase in petty crime. The Chicago Police Department says additional officers have been assigned to patrol the area.