The teenager had been walking with a friend in the park, off Tom Benson Way, at 3pm yesterday (Monday, November 16) when they were confronted by two men.
Police say an argument broke out and the boy was stabbed in the chest by one of the men.
The boy was taken to hospital where he was treated for a minor stab wound, before being discharged to continue his recovery at home.
No arrests have been made, but police say an investigation is under way to identify his attackers.
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A police spokesman said: "A 16-year old boy was in Haslam Park at about 3pm yesterday (Monday, November 16) when he was approached by two men.
"Following an altercation the victim was stabbed and suffered a minor injury which was treated at hospital.
"Enquiries are on-going to identify the offenders."
Anyone with information should contact police on 101 quoting log 1408 of November 16.
It appears to be the latest in a worrying trend of knife attacks in Preston.
On Sunday (November 15), 25-year-old Adam Le Roi was stabbed to death in a flat in New Hall Lane.
Two men were arrested at the scene and have since been charged with his murder.
The knife attacks follow a week-long initiative undertaken by Lancashire Police, named Operation Sceptre, which saw the force targeting knife crime in the city.
Officers have been out in force searching through hedges, undergrowth, disused sheds and even school grounds for blades which might have been hidden or discarded.
Speaking last week, chief Inspector Steve Anderton urged young people in Preston to be aware of the extreme dangers, and strict punishments, for carrying knives.
He said: “If you carry a knife you’re more likely to get hurt. And when an incident happens its effects go beyond the victim and extends to their families – their parents, their siblings, their partner, and their children.
"Physical wounds act as a lifetime reminder and the emotional trauma remains with the family forever.
"Entering lockdown again presents a second opportunity for those involved in knives and violence to make a change.
"We urge you to use this time to reflect."
Crime data for Lancashire shows that knife offences have soared by 65 per cent in less than 10 years across the county.
How can you dispose of a knife?
The best place to dispose of a knife is in a knife bin. These are safe and secure places to place unwanted knives or sharp items.
You can find knife bins at Princess Street in Avenham, Kingsfold Community Centre in Kingsfold Drive, Penwortham and outside Leyland Police Station.
The knife bins are large and easy to spot and are in busy, well-lit areas across the county. They aim to provide a legal and safe way to surrender knives and bladed items including kitchen knives that you no longer need.
Using the bins helps to keep unwanted knives out of circulation. Police empty the bins regularly and the knives are destroyed unless there is an obvious sign that one has been used in a crime.