The incident took place near Shaar Sh’chem, in Yerushalayim’s Old City.
The Palestinian assailant was shot dead by Israeli security forces.
Initial reports indicate that the 15-year-old victim is in moderate condition and was treated on site by paramedics.
The attacker tried to flee the scene. Footage shows him several hundred yards from the site of the attack, on the light rail tracks, where he was shot by police officers.
The stabbing came just hours after Rabbi Nechemia Lavie and Reb Aharon Bennett were killed in a terrorist attack in the Old City.
VIDEOS FROM THE SCENE OF THE ATTACK: