Two men, aged 28 and 58, were fighting on Central Road about 6.10am when a 24-year-old woman intervened and allegedly stabbed the younger man, police said.

The injured man was treated at the scene by NSW Ambulance paramedics and taken to Wollongong Hospital in a stable condition.

The woman was charged with wounding a person with intent to cause grievous bodily harm.

She will appear in Wollongong Local Court on Wednesday.