The footage shows the pair pummelling each other on the grass until a third boy walks up to them and stamps his foot on them several times.
At least five other teens gather around and watch, with some filming it on their phones. The boys appear to stop after a car pulls up beside them.
Police were called but the group fled before officers arrived.
Matamata College principal Alan Munro today said the boy involved was not seriously injured. He was due to speak with him this morning.
"He's fine. He carried on, went to the gym and got picked up by his mum afterwards."
He said the fight was "very disappointing and unacceptable" but the other boys did not go to Matamata College.
The two students attended an alternative education school run by Starfish Social Services in Matamata.
However, acting manager Nadine Rogers said one of the boys was receiving alternative education with them but their classes were held on-site at Matamata College.
Most boys in their classes remained on the college's roll, she said.
She said their service was given to students who had been excluded or who were at risk of being excluded from mainstream schooling.
"I do believe that the students, if we 100 per cent know who the students are, they are still actually on the college roll.
"There's three managing schools in the area and Matamata College is the main one ... the majority of students are still on the roll, have access to the facilities.
"They're just students who the mainstream system doesn't work for. They need a bit more of a welfare social support to their education."
She said she was thankful that it didn't appear as though any of the boys were injured to much extent.
"We are supporting the students as well. If they have done anything, we work with them providing that social support to understand what they've done and the impact on the community."
A witness told the Herald the boy only started to fight back after being provoked. He called the police, but said the group ran off when officers arrived.
Police confirmed officers were alerted to the altercation at about 3.26pm involving young people on Tamihana St in Matamata and were today continuing to make inquiries relating to the circumstances and those involved.