Trouble flared in Cape Hill yesterday afternoon with reports of a group of 20 school children involved.
A boy has been arrested after the disorder left a person with a head injury and another with a stab wound.
West Midlands Police today said the investigation was ongoing into the attack.
A 15-year-old was arrested yesterday on suspicion of possession of a weapon.
The road was taped off at the junction with Rosebery Road after the attack at 3.45pm yesterday.
Anyone with information can call police on 101 quoting log number 1496 of October 9.
Community activist Rizwan Jalil, a governor at Birmingham Women’s and Children’s NHS foundation Trust, was among those at the scene.
He said: “I was notified by the residents that a stabbing has taken place on Rosebery Road.
“I condemn this behaviour, the community is shocked by this horrific incident which has come days after two other similar incidents in Smethwick and West Bromwich.
“My thoughts and sympathies are with the families of the two injured victims.
“I urge everyone in the community to be cautious and vigilant at this fearful time and hope to restore harmony within the community.”
The attack came after two separate stab attacks in West Bromwich in recent days including one outside the Flower Pot pub.