Police spokeswoman Luba Samri that the assailant approached a policeman who was patrolling the Shalshelet street, near the flashpoint al-Aqsa mosque, pulled out a knife and stabbed him, Xinhua reported.
In response, the wounded policeman shot the stabber and "neutralized" him, Samri said.
A later police statement confirmed that the assailant, whose identity was not disclosed, had been killed.
A wave of Palestinian stabbing, shooting, and car-ramming attacks claimed the lives of 41 Israelis, two US nationals, and a British tourist since mid-September 2015.
In the same period, Israeli security forces and civilians killed at least 245 Palestinians amidst attacks or alleged attacks.
Israel accuses the Palestinian National Authority of "inciting" the unrest.
The Palestinians say it is the result of 50 years of Israeli occupation of the West Bank and the Gaza Strip, home to more than 5 million Palestinians.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.