It happened just before 1 p.m. at the Walton High School in the Kingsbridge Heights section.
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The victim was said to be alert and conscious when he was taken to Jacobi Hospital.
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The 15-year-old suspect was taken to the principal's office and held for police.
The weapon was an unknown sharp object, though it may have been a pair of scissors.
Walton Campus is a scanning school with a full complement of school safety agents.
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"Safety is our top priority, and NYPD and EMS immediately responded to an incident on the Walton Campus today," the Department of Education said in a statement. "The student is in stable condition, and we will provide the school with additional safety and counseling support, as well as work closely with NYPD on their investigation."
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