The teenager, named by police as Yousef Ghaleb Makki, was attacked in Gorse Bank Road at around 6.40pm on Saturday, Greater Manchester Police said.
He was taken to hospital but died the same night.
Two boys, also aged 17, have been arrested on suspicion of murder.
Police said the family of the victim have been informed of his death and are receiving support from specially-trained officers.
“This investigation is in its very early stages and the circumstances surrounding this young man’s death are still being established,” said Superintendent Marcus Noden of Greater Manchester Police.
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“I know residents will be shocked and concerned to hear what has tragically taken place tonight.
“We have been speaking to people living on the road as part of our immediate enquiries and we will continue to do so over the coming hours and into tomorrow.
“There will be extra police patrols over the next few days and those officers are there to provide a visible presence and also for people to approach if they do have any concerns.
“This young man and his family will continue to be at the forefront of our minds throughout this investigation. Our thoughts are with his family at this heart-breaking time.
“Anyone who does know something, or might have seen something or someone acting suspicious, should call us immediately.”
It follows the fatal stabbing of a 17 year-old girl, Jodie Chesney, in a park in Harold Hill, east London, on Friday.
Last month three teenagers were stabbed to death in Birmingham over a 12 day period.
Police are asking witnesses or anyone with information to call 101, or contact the independent charity Crimestoppers on 0800 555 111.
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