Two ambulances, a critical care car and an air ambulance crew in a rapid response car were sent to a "medical emergency" Colton Hills Community School in Jeremy Road at 7.47am today.
The school's headteacher said an incident involving two male students happened during a swimming club and both were taken to hospital.
It is not known whether the boys had to be rescued from the water before being treated.
Alberto Otero added that the teenagers were fine and that the incident had since been reported to the relevant authorities.
“An incident involving two students occurred during early morning swimming club this morning," the headteacher said.
"Both students were treated by emergency services at the poolside and subsequently taken to hospital for check-ups.
“We have reported the matter to the relevant authorities and also spoken with the families of those involved.
"Both students are doing fine and will stay in hospital for overnight observations.
"On behalf of everyone at Colton Hills I would like thank the emergency services for their prompt support and care for our students and my staff in this matter.”
Jamie Arrowsmith, spokesman for West Midlands Ambulance Service, said: "We were called at 7.47am to reports of a medical emergency at Colton Hills Community School, Jeremy Road, Wolverhampton.
"Two ambulances, a paramedic officer, a senior paramedic, the Midlands Air Ambulance Critical Care Car and the Midlands Air Ambulance crew from Cosford in a rapid response car attended the scene.
"On arrival we discovered two male teenagers received treatment from ambulance staff at the scene before being taken to New Cross Hospital in a stable condition."