It happened around 9 p.m. Saturday in the 100 block of High Street.
Authorities said the victim, a 26-year-old man, was walking down the street when he was shot.
A witness reportedly told police that he saw a dark-colored Honda stop, then two men run up to the victim and exchange some words with him. The witness then said he heard three gunshots go off.
According to the witness, he saw one of the suspects with a silver semi-automatic pistol in his hand as they got back into their car and fled the scene.
The victim, whose name has not been released, is currently in stable condition at a local hospital.
An investigation is on-going at this time.
Anyone with any information about the shooting is asked to call Lt. Lynne Curl at (919) 603-1203 or Granville County Crime Stoppers at (919) 693-3100.