Provided are a computer program product, system, and method for managing unmodified tracks maintained in both a first cache and a second cache. The first cache has unmodified tracks in the storage subject to Input/Output (I/O) requests. Unmodified tracks are demoted from the first cache to a second cache. An inclusive list indicates unmodified tracks maintained in both the first cache and a second cache. An exclusive list indicates unmodified tracks maintained in the second cache but not the first cache. The inclusive list and the exclusive list are used to determine whether to promote to the second cache an unmodified track demoted from the first cache.