Provided are a computer program product, system, and method for managing read and write requests from a host to tracks in storage cached in a cache. A determination is made whether track format table support information for a track indicates that a track format table was previously determined to have or not have the track format code for track format metadata. Track format metadata for the track is rebuilt to determine whether the track format table includes a track format code for the rebuilt track format metadata when the track format table support information indicates that the track format table was previously determined to have a track format code for the track. The track format metadata is not rebuilt when the track format table support information indicates that the track format table was previously determined to not have a track format code for the track.