An anonymous person called Watling Street Primary School, in Brownhills, and made a threat just before 8.20am.
A number of children and staff at the school were evacuated.
The school was thoroughly searched by specialist police officers – and nothing suspicious was found.
The school still remains closed this afternoon, according to West Midlands Police.
An investigation is now underway to trace the caller.
A spokesman for West Midlands Police said: "We were called following a call made to Watling Street Primary School in Brownhills, Walsall, this morning. An anonymous person called the school and made a bomb threat just before 8.20am.
"A number of children and staff were evacuated from the school.
"Schools are some of the safest and most secure public spaces with well-rehearsed safety plans in place to deal with a range of emergencies. Staff are highly trained and the well-being of students is their top priority.
"The children all went home with their parents while the school was thoroughly searched by our dogs unit and specialist officers from our operational support unit.
"Nothing suspicious was found and it's thought the call was false and malicious.
"The school is currently closed and staff are liaising directly with parents about when it will re-open.
"An investigation is underway to try and trace the caller.
"We understand that these types of incidents are distressing, we take these matters extremely cautiously, however, we must stress there is no credible threat.
"We would ask you to remain vigilant and report any suspicious behaviour to police by calling 101."
Watling Street Primary School headteacher Donna Probert, said promised the school will reopen as usual on Wednesday.
“Due to the nature of a telephone call that was received this morning, the school’s emergency procedures were enacted. The school was evacuated and the emergency services were called," she said.
"Our school has been thoroughly searched by the police and is safe to reopen for pupils tomorrow. It is our priority to provide a safe and secure environment for all of our pupils and for our staff.”
Watling Street Primary School had earlier posted on Facebook asking parents to keep their children at home on Tuesday morning.
In an original Facebook update, the school said: "We currently have a situation in school and are not allowed into the building while we seek advice.
"We are trying to send a text but the website is currently not working. If you arrive at school please stay in your car or socially distance on the common.
"We will let you have further information as soon as we have it.
"Apologies for the difficulties this may cause. Please share and inform anyone who will be arriving at school. Thank you."
A further update added: "We have been advised to ask you to keep your children at home until we have a further update on our situation at school.
"We will text as soon as we know when school can reopen. Thank you."
A spokesman for West Midlands Ambulance Service said they had not attended the school this morning.