Provided are a computer program product, system, and method for using cache lists for processors to determine tracks in a storage to demote from a cache. Tracks in the storage stored in the cache are indicated in lists. There is one list for each of a plurality of processors. Each of the processors processes the list for that processor to process the tracks in the cache indicated on the list. There is a timestamp for each of the tracks indicated in the lists indicating a time at which the track was added to the cache. Tracks indicated in each of the lists having timestamps that fall within a range of timestamps are demoted.