Dean Bloomfield died from his injuries on Saturday
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A special assembly is being held on Monday at the Suffolk school attended by two teenage hit-and-run victims.
The boys, both aged 15, died after a car ploughed into them on Friday afternoon in Ipswich.
Scott Towler died in Ipswich Hospital shortly after the incident.
Dean Bloomfield, who was critically injured, died there on Saturday morning.
Both were pupils at Stoke High School.
Martin Liddle, headteacher at the school said: "We are all deeply shocked at the tragic deaths of Dean and Scott.
Both boys were popular and well-liked by both fellow pupils and staff."
Counselling offered
He said special counselling and support for pupils and staff was being offered at the school through the county council.
"Our thoughts are with the families of both boys at this very difficult and distressing time."
A 33-year-old man arrested afterwards is being treated in hospital, although he was uninjured in the incident.
Flowers left at the scene where the boys were hit
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Shortly before the accident police had been looking for the car following an earlier incident in Boynton Road.
Officers saw a vehicle matching the description and shortly afterwards the car collided with the boys, a spokesman said.
The 33-year-old man was arrested when a car hit a wall after the accident with the boys.
Police said the man was arrested on suspicion of causing death by dangerous driving, failing to stop after an accident and driving under the influence of drink or drugs.
Police are asking anyone who saw the car before the accident to contact them.