Figures due to be published in the New Year show deaths from stab wounds hit 277 last year after increasing by more than a third under Labour.
That is the highest annual death toll since at least 1977 - the earliest year for which figures are available - when it stood at 135.
The Daily Telegraph can also disclose that a knife victim is admitted to hospital every 72 minutes in the UK.
The figures come as ministers announce plans for people guilty of carrying knives to face tougher community sentences in a bid to stem the tide of stabbings
From next week, courts will be able to sentence knife offenders to "Community Payback" work including picking up litter and cleaning up grafitti while wearing high-visibility fluorescent vests.
Current rules allow offenders to spread community service over many weeks, but under the new scheme anyone sentenced for knife crime will have to do at least 18 hours' community work a week. Offenders could also be subject to a curfew that keeps them off the streets in the evening.
David Hanson, the Justice Minister, said the new penalties would mean "a significant loss of liberty and free time" for knife offenders.
The community service penalties are unlikely to placate the Government's critics, who say the rising number of fatal stabbings show that more knife criminals should be jailed.
Recent high-profile stabbings have included those of Jimmy Mizen, 16, an altar boy who was stabbed to death in a bakery in south-east London, and Rob Knox, a young actor who had acted in a Harry Potter film.
Data obtained under the Freedom of Information Act shows some 277 fatal stabbings in England and Wales for 2007/08.
It is the equivalent of five children or adults dying after being attacked with a knife or sharp object every week.
The total is also up 38 per cent on the 201 fatalities from sharp objects in 1998/99.
In the decade before Labour took power, the average annual death toll stood at 203 but has risen to 241 in the decade since.
Shadow Home Affairs Minister, James Brokenshire, who uncovered the fatality statistics, said: "Knife crime is a scourge which claims too many lives and ruins countless others.
"Yet under Labour it has soared. The Government's only response is short term, ad-hoc police operations, the results of which they spin and manipulate anyway to try and get a good story.
A separate study of hospital admissions across the UK by The Daily Telegraph has also revealed a growing trend in serious injuries from stabbings.
Some 5,720 people were admitted to hospitals in England in 2006/07 - the most recent figures available - which was up 56 per cent from 1998/99.
In Scotland, 1,319 people were admitted in 2006 and 1,325 in 2007.
Wales saw 210 admitted in 2006 and 193 admitted in 2007, while hospitals in Northern Ireland took in 171 serious stab injuries in 2006/07.
It means roughly 7,420 people were admitted after being stabbed during 2006/07 - the equivalent of one every 72 minutes.
An admission is where a victim is so seriously injured they need further treatment than A&E, with some requiring a stay in hospital.
Shadow Home Secretary Dominic Grieve said: "These figures betray the soaring scale of knife crime under Labour. This scourge is claiming too many lives and destroying countless others.
Liberal Democrat home affairs spokesman Chris Huhne added: "These hospital figures are all the more shocking because they are the most independent and objective test of knife crime.
New rules issued to doctors in the summer told them to report stabbings to the police and the Lord Chief Justice, Lord Judge, has pledged to clamp down on knife crime, saying culprits must expect "severe punishment".
In July, the British Crime Survey suggested more than a third of a million young thugs armed with knives are wandering the streets.