The bin near St Chad and St Mark’s Church on Lime Street is the fourth of its kind in Wolverhampton.
The other bins in the city are in Heath Town, Whitmore Reans and Bilston.
Police and Crime Commissioner David Jamieson said the surrender bins help tackle the increasing problem of knife crime.
Mr Jamieson said: “I’m very pleased we have been able to provide another surrender bin for Wolverhampton.
“The bins are providing people with a legal and safe way to dispose of knives which they shouldn’t be carrying.
“Every knife posted into a surrender bin is potentially a life saved.
These bins work best when the community wants them and in Wolverhampton the message we have been receiving loud and clear is that more are needed”.
Wolverhampton council leader Roger Lawrence said: “This is our fourth knife bin in Wolverhampton and, like the others it will have an important role in helping to prevent crime.
“Very simply, if knifes are taken off the streets then they cannot be used to commit a crime or cause injury.
“Sadly, knives are very easy to obtain.
“We have to ensure that people, particularly young people, are aware that if they take a knife out with them they could end up facing a murder charge.”
Chf Supt Jayne Meir from West Midlands Police said: “We work very closely with the community, council and other partners in Wolverhampton to prevent the harm caused by knife crime.
“We are very grateful to St Chad and St Mark’s Church for allowing the placement of this additional knife bin.
“Alongside encouraging the disposal of knives we ask the public to give us any information that might help us to protect our young people and I would urge them to contact us on 101 or through Crimestoppers on 0800 555111.”
By George Kennedy