A 34-year-old man has been arrested on suspicion of grievous bodily harm and is currently in police custody.
Three men were taken to hospital after the attack, which happened at about 10.30pm last night in Wellsfield, Woodside.
Two of the injured men, aged 34 and 46, remain in hospital with the 34–year-old man still in critical condition. He is said to be stable.
A 28-year-old man has since been discharged.
Detective Sergeant Kevin Jones, from Telford CID, said: "We're keen to speak to anyone who may have seen anyone coming and going from houses in the street, or anyone who has information that could help with our enquiries."
There is an increased police presence in the area as detectives carry out their enquiries.
Any witnesses should ring West Mercia Police on 101 quoting reference 884s 110718 or alternatively Crimestoppers anonymously on 800 555 111.