It was alleged a van pulled up alongside the boy in Cradley Heath and two men jumped out and tried to pull him inside the vehicle.
The boy's school, which police did not identify, sent out an alert to parents warning them of the attack.
West Midlands Police launched an investigation into the alleged incident, which happened in Garratts Lane on Monday morning.
But the force has now said that following further investigation, the allegation had been made up and the boy has said sorry.
Officers have spoken to him about wasting police time, the force said.
A spokesman for West Midlands Police said: "Following further investigation, it emerged the allegation was made up.
"The boy has since apologised and has been warned about the concerns such a false report has caused along with wasting police time."