The boy and another 12 year old were playing on ice thick on Joe Creek when it broke and they both fell through.
Firefighters say the older boy was able to struggle out of the water but the three year old remained beneath the ice for 30 minutes.
Tulsa police divers were on the scene and pulled the boy from the water.
Both boys and two adults were taken to the hospital after the incident.
The boys were playing behind the Foxfire Apartments at 74th and Wheeling Avenue.
KRMG is on the scene and will continue to update the story.