The 11-year-old was crossing the A361 Bloxham Road when he was struck by a car on his way to Harriers Banbury Academy at around 8.50am.
He was attended to by parents and ambulance crews before being taken to hospital with possible head and leg injuries.
The school’s executive principal Alex Pearson wrote on Facebook that the boy suffered a broken nose but added he was ‘very lucky’.
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“This reinforces how important road safety is and how careful we must be when walking or parking near the school,” he wrote.
“Our thoughts are with our pupil and his family and we wish them a speedy recovery.”
Mr Pearson’s statement said the driver was not at fault and Thames Valley Police said no-one has been arrested.
A mother who was at the scene said: “The loud bang, a scream from a child... it was just a horrific scene.”
The mum, who wishes not to be named, said the female driver stopped and was shaken up by the incident.
The A361 Bloxham Road was shut in both directions between Oxford Road and Queensway until around 10.15am.
Harriers has sent a message to parents about the incident with a link to a road safety guide, and is holding a meeting for parents at 2.15pm on Tuesday, April 17.
“Please talk to your child(ren) about what happened today and reinforce the importance of road safety, especially to use the crossings provided and to not be looking at a mobile phone when crossing roads,” Mr Pearson added.
“Please also consider today’s events when parking near school. Poorly parked or illegally parked cars reduce visibility for motorists and pedestrians.
“Please park legally and safely... better still take a walk in the sunshine!”
Anyone with information is asked to call police on 101 quoting URN 266 of March 16