The accident happened on Wisconsin Avenue, near Carson Street.
According to a family friend, the fourth grader was on his way to Hilltop Elementary with his young brother and a friend.
Rice lake police say he may have been on his skateboard when the bus ran him over.
"Preliminary information says the bus was taking a left turn from Carson Street onto Wisconsin Avenue and that the impact with the pedestrian happened shortly after during the process of the turn,” said Chief John Sommerfeld of the Rice Lake Police Department.
The Wisconsin State Patrol is reconstructing the scene of the accident to determine what exactly happened.
The school district sent home statements and letters to staff members and parents.
District leaders are letting police handle matters with the bus driver who was behind the wheel.
"The bus company has a long standing relationship with the district. The S and J Company has provided great service to our students and our community and our families over many years,” said Dr. Paul Vine, superintendent of the Rice Lake area school district.
Police say there wasn't a crossing guard at the intersection that morning, but the superintendent says the district works closely with the city to make the roads safe for students.
"We are always concerned with any of our students, whether they're riding the bus or walking to school. I know that the staff at all of our buildings is encouraging kids to be safe and to look both ways.”
Investigators say the bus driver had already dropped off students at an area school so it was empty when it hit the boy. The name of the child has not been released.