According to reports emergency services were called to a property in Humpty Doo just after midnight on Sunday night.
It is understood the accident occurred when a firework went off in the young boy's face.
Taken to Royal Darwin Hospital in a serious condition, hospital staff began work to save the boys eye.
An RDH spokesman has confirmed the boy was in a stable condition.
Unfortunately, this young man is not the only one to be affected by fireworks this New Years.
Across Australia on Sunday night, reports flooded in of injuries involving fireworks.
In the past 10 years, more than 197 people have been admitted to Royal Darwin Hospital with firework-related injuries including severe burns, lacerations, visual impairment, hearing loss and even broken bones. Of these, more than half were children under 16.