The incident happened just after 6 p.m. at the 34th Street Herald Square station in Midtown.
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Police say the 27-year-old woman was standing on a southbound M train platform when a man attempted to steal a purse from another woman, 33.
They say the 27-year-old attempted to intervene and was slashed in the leg.
She was taken to NYC Health + Hospitals/Bellevue, where she's expected to survive.
The victim who owned the purse managed to hold on to the bag and was not injured.
Police describe the suspect as a man in his 20s, last seen wearing a jean jacket.
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No arrests have been made and the investigation is ongoing.
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