An urgent search is continuing for an axe-wielding man who allegedly attacked three people and has now been on the run for more than 20 hours.

The alleged attack unfolded at a home in Tyers, north of Traralgon in Victoria’s Gippsland region, about 12.30pm on Saturday.

WATCH THE VIDEO ABOVE: Urgent manhunt for axe attacker in Victoria

Know the news with the 7NEWS app: Download today

Police allege the man, aged in his 50s and known to the victims, attacked an elderly woman, an elderly man and another man.

Despite suffering critical injuries, the victims were able to call emergency services after the man fled the property.

The alleged attack unfolded at a home in Tyers, north of Traralgon in Victoria’s Gippsland region, about 12.30pm on Saturday. Credit: Sunrise

All three were airlifted to Melbourne and remain fighting for life at The Alfred Hospital.

Police believe the attack was targeted, but remain concerned the man may still be armed with an axe and a handsaw.

He was last seen wearing a black and mustard-coloured jacket and carrying a black backpack.

Anyone who sees the man has been warned not to approach him and to call triple-0 immediately.

Those with information or relevant CCTV or dashcam footage is urged to contact Crime Stoppers.