The boy was standing in Mamie Till-Mobley Park near East 64th Street and South Ellis Avenue when he was shot multiple times in the right leg.
The victim was at the park with a group of teens when someone drove by and started shooting, police say.
RELATED: Chicago violence: 51 shot, 5 fatally, in weekend shootings
"When officers arrived this young boy was shot in the legs bleeding. Our officers, Chicago police officers, applied a tourniquet to the boy's legs, likely saving his life," CPD Superintendent David Brown said Monday.
He was taken to Comer Children's Hospital in fair condition, according to police.
The boy is the son of a Chicago firefighter, the Chicago Fire Department confirmed Friday night.
The shooter is not yet in custody and police are encouraging anyone with information to come forward.
The boy is among 51 people shot this weekend in Chicago, including six teenagers.