John Holmes, 53, who taught at Landau Forte College, Derby, grabbed the Year 8 pupil during a geography lesson.
A National College for Teaching and Leadership disciplinary panel banned him from teaching for two years for "unacceptable professional conduct".
However, the panel accepted Mr Holmes had not made a genuine threat to kill.
Mr Holmes's actions, in the summer term of 2012, were said to have been prompted by the pupil giving the wrong answer.
The teacher, who started working at Landau Forte College in 1992, received a police caution for possessing a blade on school grounds after the matter came to light in April 2013.
Mr Holmes expressed remorse but explained that what took place had happened in a "jovial manner" during a "light-hearted" quiz, the panel said.
Giving the panel's decision, NCTL official Paul Heathcote said: "We accepted that there was no intention to cause the pupil harm and that Mr Holmes's actions were not intended as a genuine threat to kill."
However, he said Mr Holmes was "guilty of unacceptable professional conduct and conduct that may bring the profession into disrepute".
"He has not shown clear insight into the implications of his behaviour," said Mr Heathcote.
Stephen Whiteley, chief executive of Landau Forte Charitable Trust, said that following "detailed internal and external investigations appropriate employment procedures were then followed" and Mr Holmes "ceased to be employed at Landau Forte College as of August 31, 2013".
A teacher who held a student in a headlock and made a "pretend" threat to kill him with a knife has been banned from the profession.