Mr Osborne praised the response of staff and pupils at the Dixons Kings Academy after the stabbing of Vincent Uzomah, who lives in Moortown, Leeds.
Speaking in the Commons, Mr Osborne said the sympathies of all MPs were with Mr Uzomah and the school.
“Our hearts go out to them, I think the leadership in that school dealt with the situation incredibly well,” he said.
“We have given teachers the powers to search the bags of pupils and the like.
“But if there are more things we can do as we learn the lessons of this incident then of course we will.”
Mr Osborne was standing in for David Cameron at Prime Minister’s Questions and was asked about the Government’s record on tackling knife crime in schools by Bradford South MP Judith Cummins whose constituency includes the Dixons Kings Academy.
Mrs Cummins described the incident as “appalling” adding: “I am sure the whole House will wish join me in expressing its shock at this horrifying incident and also to wish Mr Uzomah a swift and full recovery.”
A 14-year-old boy appeared at Bradford Magistrates Court on Saturday charged with attempted murder following the attack on Mr Uzomah.
He was remanded to a youth detention centre and told he will next appear in court on June 29.
Mr Uzomah, a supply teacher at the school, was treated in hospital after the stabbing but his condition was described as not life threatening.