The boy, identified as Marco Cornejo, was swimming with his father and cousin at the beach near Lincoln Way when the group became distressed just before 4 p.m.
A 17-year-old surfer, Tony Barbero, a junior at San Francisco's St. Ignatius College Preparatory high school, rescued Marco's father and cousin.
The father was taken to a hospital in critical condition while the cousin was not severely injured.
Fire and U.S. Coast Guard crews have been searching for the 14-year-old since Wednesday afternoon using helicopters and boats.
U.S. Coast Guard Petty Officer 3rd Class Loumania Stewart said after scouring 64 nautical square miles spanning from the Golden Gate to the southern end of Ocean Beach, the search has been suspended as of around 1:40 p.m. today.
Stewart said crews will restart the search if the agency receives any more information.