Officers believe the teenager was dropped off at Riverbend Drive in Darley about 5.50am on Monday when a Ford sedan pulled into the street.
CCTV has been released of the moment when multiple people jumped out of the car and chased the teenager to Hartog Grove.
The victim was then cornered in the backyard of a property and assaulted and stabbed by a number of offenders.
Police believe a second car, a silver Subaru Liberty, also stopped at the scene during the assault.
Police believe those inside the car were also involved.
The 17-year-old boy was taken to hospital with serious but non-life-threatening injuries.
Detectives are investigating the stabbing and believe the offenders and victim knew each other.
Darley is a suburb of Bacchus Marsh, located about 50km from Melbourne.