Provided are a computer program product, system, and method for updating a track format table used to provide track format codes for cache control blocks with more frequently accessed track format metadata. A track format table associates track format codes with track format metadata. Each instance of the track format metadata indicates a layout of data in a track. Cache control blocks for tracks in the cache include track format codes associated with the track format metadata of the tracks in the cache. Track format access information indicating accesses of track format metadata not included in the track format table. Track format metadata, indicated in the track format access information that is not in the track format table, is added to the track format table to associate with a track format code based on a number of accesses of the track format metadata indicated in the track format access information.