The Palestinian health ministry identified him as Ahmed Abu El Rob, 16.
A second Palestinian, allegedly an accomplice, was arrested, according to police.
The attempted attack took place on the Palestinian side of a crossing between Israel and the occupied West Bank, Israel's defence ministry said.
It was the third attempted stabbing at the crossing in recent weeks, according to the ministry.
Nine Israelis, 68 Palestinians -- around half of them alleged attackers -- and an Arab Israeli have been killed in a wave of violence since the beginning of October, raising fears of another Palestinian intifada or uprising.
