At about 4pm on January 30 this year, the 15-year-old victim was chased along Squires Avenue in Bulwell and stabbed in the stomach.
He was taken to hospital and released the following day after receiving stitches.
Officers who attended the scene found two knives discarded over a fence.
The 16-year-old attacker, who cannot be named because of his age, pleading guilty to wounding and possession of a knife at Nottingham Magistrates’ Court on Friday.
Detective Constable Colin Kirkup, of Nottinghamshire Police, said: “I want this to be a lesson to all young people that if you carry a knife, you won’t get away with it. If you end up with a criminal record, this will stay with you for the rest of your life.
“I want to take this opportunity to remind families that you have an important role to play. In particular, I’m appealing directly to brothers and sisters who have younger siblings and have more experience of the world to make sure they are not putting themselves at risk by carrying knives. You will be less safe if you carry a knife. There is more opportunity for that knife to be used against you or by you when you might not be thinking as straight as you would ordinarily - and the consequences can last forever."
“We have a dedicated Knife Crime Team who will continue to conduct targeted stop and searches to combat knife crime and I hope this reassures people that no matter your age, carrying knives on the streets of Nottingham will not be tolerated.”