William Garvin, 67, of Barnegat Township, is accused of killing 69-year-old Eileen Garvin, according to the Ocean County Prosecutor's Office.
Police responded to a home on Windward Drive on Monday for a report of a domestic violence incident.
When they arrived, officers found William in a chair with a knife in his chest. Eileen was also discovered dead, lying on the floor, according to officials.
William was taken to Atlantic Care Regional Medical Center in Atlantic City, where he is presently listed in stable condition.
Investigators say William is responsible for his wife's death, as well as his self-inflicted knife wound.
Once he is released from the hospital, officials say William will be taken to the Ocean County Jail, where he will be held until a detention hearing.
No other details have been released at this time.