The lockdown at Bayfield High School has been lifted after a search of the premises.
Armed police officers had earlier stood guard at extensive cordons around the Dunedin school, after being alerted to an emailed threat at 8.45am.
Police would not confirm the nature of the threat.
The school posted to social media that it was in lockdown, though the children were all safe.
A student told RNZ that students from Bayfield High School were also at the Dunedin Public Art Gallery at the time and that facility also went into lockdown.
A police spokesperson said nothing of concern was located at the school, and they were not aware of any other lockdowns occurring.
Police would maintain a prescence in the area for the rest of the day.
The armed police left about 10.40am.
School principal Mark Jones said students had started their morning exams, though they were somewhat delayed. It would have no effect on this afternoon's timetable, he said.