Coach John Harbaugh said the veteran wideout will miss the final two weeks of the regular season and be able to return for the playoffs. The Ravens will not reveal which knee is injured.
Lee Evans is slated to start with Boldin sidelined.
Dr. James Andrews is performing the procedure in Birmingham, Ala.
The 31-year-old Boldin has 57 receptions for 887 yards and three touchdowns this year.
"He's got a slight tear in his meniscus. It flapped up on him, I think it was Tuesday night after the walkthrough," coach John Harbaugh said. "He's going to have to get it repaired. It's two weeks and he'll be back for the playoffs, whatever round we happen to play in. It will be a little bit tighter if we have to play in the first round."
Cundiff has been struggling with a left calf injury and has missed three of his five field goal attempts in December.
"We anticipate Shayne being the kicker this week," Harbaugh said. "Billy's dealing with his calf and Shayne's been practicing. Even if Billy was ready to go, and I still think he's nursing that thing back and he's not 100 percent, Shayne got the week of practice in, so we'll go with Shayne."