The boy, student of class VII, climbed the railing of a balcony on the third floor of Chamali Devi Public School at Rajendra Nagar, and tried to jump off, but other students pulled him back, Additional Superintendent of Police Rupesh Kumar Dwivedi said.
The students informed their teachers, who approached the police.
"Initial investigation suggests that the boy had been playing the Blue Whale game on his father's cellphone for the last couple of days," Dwivedi said.
Police were thinking of taking the boy to a psychiatrist for counselling, the ASP said.
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School principal Sangeeta Poddar said the boy was too frightened after his thwarted suicide attempt. He told the teachers that he had been playing Blue Whale game for the last couple of days.
The macabre game, which is said to have originated in Russia, is suspected to have claimed a teenager's life in Mumbai recently.
The class IX student, apparently a participant in Blue Whale 'challenge', jumped to his death from the fifth floor of a building in suburban Andheri in Mumbai on July 29.
The tasks also involve self-harm, while the final challenge is to commit suicide.
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