Officers responded to her home located in the 300 Block of West North Street just after one am.
Police say a domestic dispute had occurred.
Upon arrival, officers found the 76 year old woman with a large neck wound, as well as multiple cuts on her head and shoulder.
A 52 year old woman was also found unresponsive in the bathroom.
Knives from the home have been taken for investigation.
The relationship between the two has not yet been released.
"Fairly an isolated incident," said Major Dan Davis. "This is not a home that we have a lot of record and reports of this type at. Without talking to all involved we're not yet able to determine the cause of the incident from this morning."
Both women are currently in local hospitals.
The status of their condition is not known.
The case remains under investigation.