Police were called by paramedics following reports a 15-year-old boy had been found unconscious in Waterside at around 7.10pm on Friday (June 24).
The boy was taken to Royal Preston Hospital with a serious head injury.
Officers on Saturday (June 25) said he remained in a “serious but stable condition”.
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No arrests have been at this stage.
Det Chief Insp Mike Gladwin, of South Division, said: “This incident has resulted in the young victim suffering an extremely serious injury.
“My thoughts are with him and his loved ones at this time.
“An investigation is very much underway to establish exactly what has occurred.”
Anyone with CCTV, doorbell, mobile phone or dashcam footage which captured the assault or anybody acting suspiciously in the area between 6.30pm and 7.30pm to contact police as soon as possible.
“While this is being treated as an isolated incident, reassurance patrols have been increased in the area as a precaution,” Det Chief Insp Mike Gladwin added.
Anyone with information should email [email protected] or call 101, quoting log number 1180 of June 24.