Two air ambulances were called to the scene in Caldmore Road at about 3.30pm on Wednesday.
Crews found a teenage boy who was taken to hospital for injuries not believed to be life threatening.
Jordan Eggington, spokeswoman for West Midlands Ambulance Service, said: “We were called at 3.41pm to reports of a stabbing in Caldmore Road, Walsall.
"We sent the Midlands Air Ambulances from Cosford and Tatenhill, two land ambulances and two paramedic officers to the scene.
"On arrival, crews found one patient, a teenage boy. He was treated for injuries not believed to be life threatening and conveyed to hospital via land ambulance for further treatment.”
A spokesman for West Midlands Police said: "We're appealing for information and witnesses after a teenage boy was stabbed in a Walsall street.
"The 16-year-old was approached by two people in Caldmore Road, Caldmore, just after 3.30pm yesterday.
"He was stabbed in the stomach before the pair, who were both males, fled the scene. The boy is currently in a stable condition in hospital.
"We're examining CCTV and carrying out other enquiries to identify those involved. We're keen to hear from anyone who was in the area at the time and may have seen anything.
"We also need to speak to anybody who knows who was responsible and why the teenager was attacked.
"We ask anyone with information or who may have witnessed the incident to contact us via live chat on our website or by calling 101 and quoting log 2901."
Alternatively, contact Crimestoppers anonymously on 0800 555111 or at crimestoppers-uk.org