The teenager, who has not been named, was crossing the A977 Kinross to Kincardine road when he was hit by a Volvo shortly before 7pm on Wednesday night.
The seriously injured schoolboy was taken by ambulance to the Royal Victoria Hospital in Kirkcaldy where he is in a critical but stable condition.
A spokesman for the Tayside Division of Police Scotland said: “About 6.44pm on Wednesday a 15 year-old male pedestrian was seriously injured by a passing motor vehicle when attempting to cross the road on the A977 at Balado, Kinross. He was conveyed by ambulance to the Royal Victoria Hospital, Kirkcaldy, where he is in a critical but stable condition.”
The accident happened on the A977 at its crossroads junction with the unclassified Cleish to Dalqueich road and involved a grey Volvo S40 travelling westwards, towards the Crook of Devon.
The force spokesman said: “Police are keen to speak to any persons who may have witnessed the incident. Anyone with information please phone 101 or speak to any Police officer.”