Emergency services were called to Tudor Road, in the Heath Town area of the city, at around 3.30pm on Friday, to reports of a stabbing.
The teenage boy, believed to be aged 16 years old, was treated for injuries not believed to be serious, before being taken to hospital.
The Midlands Air Ambulance was also sent to the scene.
A West Midlands Police spokesman said: "We were called to a stabbing in Tudor Road, Wolverhampton, around 3.30pm on Friday.
"A boy – believed to be aged 16 – has been taken to hospital for his injuries to be assessed.
"Enquiries are under way and anyone with information is asked to contact us."
Nobody has been arrested over the attack.
A spokesman for West Midlands Ambulance Service said: “We were called to reports of a stabbing on Tudor Road, in Wolverhampton, at 3.27pm on Friday. One ambulance, a paramedic officer and the Midlands Air Ambulance from Cosford attended the scene.
“On arrival we discovered one male patient who had suffered a single stab wound.
“Following treatment at the scene for an injury not believed to be serious, he was taken to hospital by land ambulance for further treatment.”
Anyone with information is urged to call West Midlands Police on 101, quoting log number 2859 of November 27.