The seven-year-old had just got off a school bus and went to cross the street to meet a family member when he was hit.
The boy had been in life-threatening condition at the Alberta Children's Hospital, but his status is now serious, but stable.
The collision happened at the intersection of Kincora Glen Green and Kincora Glen Road N.W. around 4 p.m. MT.
The driver of the vehicle remained at the scene and is cooperating with police.