West Midlands Police say a murder investigation is under way after the teenager was killed on Saturday night.
The boy was found injured in Deedmore Road, in Wood End, at around 11.40pm and died in hospital shortly afterwards.
Two other teenagers were taken to hospital with less serious injuries.
West Midlands Police said murder detectives are “working round the clock” pursuing a number of lines of inquiry.
The boy's family have been told and the area has been cordoned off for examination.
Detective Superintendent Matt Markham said: “A young boy has tragically been killed and we are determined to find out why this has happened.
“We are talking about the terrible loss of a 16-year-old boy, someone who had their life to live, and we will be working round the clock to find who was responsible.
“We are following a number of active lines of inquiry and would urge anyone with information that could assist our enquiries to call us as soon as possible.”
Detective Superintendent Markham urged anyone with information to come forward.