Police were called to Broad Street after reports of disorder and gunfire in the early hours of Sunday morning.
But the force found a woman who was attacked in the head with what is thought to be a machete.
The woman, in her 30s, was taken to hospital but her injuries are not life-threatening, West Midlands Police said.
#TeamC assisted with the investigation of a disturbance in #Bilston last night. After finding no one injured we continued to support @ResponseWMP and @WMPDogs meticulously searching the scene for evidence of what might have taken place. Enquiries continue. PG pic.twitter.com/vCDv3zwwJe— Firearms Operations Unit (@firearmsWMP) July 14, 2019
A shell casing was found but no-one is believed to have been injured by the gunfire.
A 36-year-old was arrested on suspicion of wounding, but has now been released.
A police spokeswoman said: "The woman arrested has been released on police bail pending further enquiries."
Anyone with information is asked to contact police via Live Chat at west-midlands.pnn.police.uk between 8am and midnight or call 101 anytime quoting log number 104 of 14/7/19.