The government said hopes schools and other bodies will use the "state of the nation" report to inform their policies and management of children's mental health from October 2019.
The document will highlight trends and issues in young people's mental health based on existing data collected by the Office for National Statistics, such as student satisfaction levels, alongside data on children's physical health and academic attainment.
The Department for Education will also provide new guidance to teachers next year to help them measure students' health, including their mental wellbeing.
The tool is intended to be used voluntarily by schools, and will not include any formal assessment of students or require teachers to report back to government. The government hopes it will help education professionals spot signs of poor mental health, and enable them to build on existing supportive measures.
It will operate alongside plans for health and mental health to be included in school curriculums for all state-funded schools from 2020 - proposals that are currently the subject of a government consultation on relationships and sex education.
Theresa May said the plans would go towards giving children's mental wellbeing "the priority it so profoundly deserves".
"I have made parity of care a priority for our long-term plan for the NHS," she said.
"As a result, our record investment in the NHS will mean record investment in mental health.
"We need true parity between physical and mental health - and not just in our health systems - but in our classrooms, workplaces and communities too."
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