The shetland stallion is recovering from his injuries at the Queensland RSPCA's Fairfield shelter.
The stallion, now in Queensland RSPCA care, has extensive lacerations and torn hooves, but is expected to recover.
Police and the RSPCA began investigated after members of the public reported challenging the two men who were pulling the shetland alongside a Holden Commodore.
It is alleged the vehicle picked up speed until the animal stumbled and was dragged. The pair allegedly repeated the scenario several times.
The youth, from Helidon Spa, has been ordered to appear in the Gatton Magistrates Court this month.
Efforts are continuing to locate the driver.