The man was arrested along with five others after the incident in Lincoln Road, between Geneva Street and North Street, at about 12.15am on Wednesday (May 18).
The 21-year-old has now been charged with wounding with intent, possession of a weapon in a public place and violent disorder.
Two men, aged 20 and 24, from Peterborough, have also been charged with wounding with intent and violent disorder.
A man in his 20s received serious but not life threatening injuries and was taken to Peterborough City Hospital.
A 21-year-old man from Peterborough has been bailed to Thorpe Wood police station on June 15.
A 25-year-old of no fixed abode has been bailed to Thorpe Wood police station on June 15.
A 45-year-old man from Wisbech has been released with no further action.
The three men who have been charged have all been detained in custody to appear in court at a date to be fixed.
Anyone with information should call the police on 101 or Crimestoppers anonymously on 0800 555111.