The man was detained on Friday morning after a 32-year-old man was shot on Wednesbury Road on Thursday afternoon.
He is the only person to have been arrested in relation to the attack as police search for the gunman and the car they were in.
It is believed the attack was targeted and police have confirmed that a shotgun was fired at a business from a Mitsubishi Shogun.
The shooting happened as children were walking home from school and has left nearby residents in the area in fear.
One resident told the Express and Star she had only recently allowed her son to walk to school on his own, but is now worried for his safety.
The attack happened near Fastline Travel Ltd on Wednesbury Road, just down from the former Brown Lion pub at the junction of Old Pleck Road.
Police officers in the area were recently granted temporary extra powers to stop and search people believed to be involved in violence, without the need to have reasonable grounds, following reports of a spate of violent incidents.
The incident was one of three shootings within 48 hours in the region, happening the day before an attack at a memorial for teenage gang murder victim Keon Lincoln. Then on Saturday morning a man was hit on the wrist when shots were fired towards houses in West Bromwich.