Public Enemy rapper, whose real name is William Jonathan Drayton, had been facing more serious assault charges which carried a prison sentence of up to 12 years.
The boy said the musician had threatened to kill him.
Flavor Flav has since reconciled with his girlfriend and received counseling.
In court, the 55-year-old rapper told the judge: “I love my son and my son loves me, too.”
Flavor Flav admitted wielding a kitchen knife during the fight on October 17, 2012.
The teenager, who is now 18, testified that the musician chased him to a bedroom and stabbed the knife through the door.
He and his mother were not in court when Flavor Flav pleaded guilty to attempted battery that could have caused substantial injury and battery constituting domestic violence.
Outside court, the rapper said: “I’m standing here in front of the camera, not behind bars.”
If he violates the terms of his plea deal, he could face up to a year in jail, the judge said.
Public Enemy, the group that William Jonathan Drayton founded with fellow rapper Chuck D, are considered one of the most influential hip-hop groups of all time and were inducted into the Rock and Roll Hall of Fame in 2013.
Flavor Flav has also starred in several reality TV series, including The Surreal Life, Strange Love, and Flavor of Love.
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