Provided are a computer program product, system, and method for selecting cache lists indicating tracks in a cache to process for demotion. In response to a selected cache list indicated as stalled as a result of a determination that there are less than a threshold number of unmodified tracks in the selected cache list, the selected cache list is indicated as not stalled in response to determining that the cache lists other than the selected cache list were indicated as not stalled since the selected cache list was last indicated as not stalled. The selected cache list is processed to determine whether there are unmodified tracks in response to indicating the selected cache list as not stalled. The determined unmodified tracks in the selected cache list are processed for demotion from the cache.