Help: My Dog is bleeding from his eye!??!?

First you need to get your dog to the vet asap, but to answer your questions. Yes there is a risk of infection to any eye injury and there may be a chance that blindness could occur if not properly treated. The first thing that you could do in the mean time, provided your dog will allow it, is to flush the area with warm water or saline solution to clean it. Infection can be detected by swelling, redness, oozing, strange odor, and feverish feeling in the area. Do not wait for these signs. Get him to the vet as soon as you can. He will probably need some antibiotics for the injury. As long as you get him to the vet asap he should make a full recovery, don't wait. In the future I would try to keep the two dogs apart unless you know for certain what triggered the attack.