The 10-year-old was struck at around 12.20pm in Brook Street, near the junction with Stanhope Street, in Plungington.
Brook Street was closed for around an hour whilst ambulance crews attended to the boy, who has suffered a head injury, before taking him to Royal Preston Hospital.
Police initially described his injury as 'serious', but North West Ambulance Service has since provided an update to say the boy is going to be OK.
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His mother Kayleigh told the Post that her son, who was not wearing a helmet at the time, has suffered a nasty cut to his head.
She said he has been to A&E and has had the cut glued, but he is going to be OK.
But Kayleigh says her son's accident should serve as a warning to other children about the importance of always wearing a helmet.
She said: "He's fine, he just had a cut on his head that has been glued now.
"But I think it would be good to highlight the importance of wearing a helmet, regardless of whether it is fashionable or not.
"He has been told so many times to always wear a helmet and not to cross the road without getting off his bike first.
"I've just seen the CCTV and he is a very lucky boy. It was brutal.
"Hopefully, that's a lesson learnt and he will not be leaving the house without a helmet from now on."
A police spokesman said: "We were called around 12.25pm to a report of a collision involving a car and a cyclist in Brook Street, Preston.
"The cyclist, a boy, suffered a serious head injury and was taken to Royal Preston Hospital for treatment.
"The road was closed for a short time and reopened around 1.40pm."
An ambulance spokesman added: "We were called at 12.19pm and we have taken a ten-year-old boy to hospital with a head injury.""
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