Thames Valley Police officers were called at about 3.45pm on Saturday, following reports of an assault in Wood White Drive at the junction of Peacock Lane.
Officers attended the scene where a 54-year-old woman had sustained stab wounds. Sadly, she was pronounced dead at the scene.
A post mortem was carried out on Sunday (8/7) and the cause of death has been established as a stab wound to the chest.
The woman has not been formally identified at this time.
A 14-year-old boy was also injured as a result of the incident. He sustained non-life threatening injuries and was taken to hospital, where he remains.
A 32-year-old man was arrested at the scene on suspicion of murder. He is still in police custody at this time.
Head of the Major Crime Unit, Detective Superintendent Ian Hunter: said: “Firstly, my thoughts are with the victims and their families at this extremely difficult time. Loved ones are being supported by specially trained officers.
“I would like to reiterate that we believe it to be an isolated incident and there is no threat to anyone else.
“There is still a scenewatch in Wood White Drive, so residents will see police officers and police staff in the area. If you have any concerns or questions please feel free to approach them.
“I continue to appeal to any witnesses or anyone with information about this incident, no matter how insignificant you think it could be, I would ask that you call the Thames Valley Police non-emergency number on 101 and quote reference number 969 (7/7).”