The 30-year-old sex worker was hit and knocked to the ground then stabbed in the neck, near Oldham Road, Rochdale, on Thursday evening.
A man demanded money but fled empty handed, Greater Manchester Police said.
Det Ch Insp Sarah Jones said: "This was an unprovoked and vicious attack on a sex worker which left her with a knife in her neck."
The woman was taken to hospital for treatment but was later released.
The arrested man is aged 29, said police.
A man has been arrested on suspicion of attempted murder after a woman was left with a knife in her neck.