Oxley Local Area Command police were called to a Nundle address on Sunday night, after reports of a domestic disturbance.
Police allege a 16-year-old boy stabbed a 35-year-old man in the chest several times and a 43-year-old female in the left hand.
The teenager was arrested at the scene and taken to Tamworth Police Station for questioning.
Detectives later charged the boy with two counts of recklessly inflicting bodily harm.
Bail was refused.
The man was transferred to John Hunter Hospital at Newcastle where he is believed to be in a serious condition.
The woman, who suffered several stab wounds to her hand is awaiting surgery and remains in a stable condition at Tamworth Base Hospital.