South Australian police said they responded to reports of a man armed with a knife running on to a road at Elizabeth East, in Adelaide's northern suburbs, about 11am on Wednesday.
Acting assistant commissioner David O'Donovan said police "acted immediately to locate and engage the man in order to protect public safety".
"During the confrontation, a police officer was stabbed in the neck, and the armed man was shot by police," he said.
The female officer was rushed to hospital and was receiving treatment for a stab wound, while the alleged attacker was shot in the leg.
The man's injuries were not life threatening, Mr O'Donovan said.
Major Crime and internal investigators are at the scene of the incident, which occurred on Main North Rd. A southbound section of the major route has been closed to traffic.
Police had responded to "an evolving and very rapidly dangerous situation", Mr O'Donovan said.
"Their actions today were in response to an immediate threat posed by an armed individual, and so I wish to acknowledge the courage and the professionalism of the (officers)," he said.
"Police officers are often faced with these types of challenging situations that can evolve very quickly and they will put themselves in harm's way to protect the public."
The 27-year-old man who was shot would face "some very serious charges", he said.
"I haven't been fully briefed as to the exact nature of the charges, but I'll leave that to your imagination. He has stabbed a police officer."
The injured officer's injuries were considered serious.
He did not clarify whether the officer who was injured had fired the shot which injured her attacker.
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