Provided are a computer program product, system and method for updating class assignments for data sets during a recall operation in a storage environment having a plurality of storage devices. Information on a data set is processed to determine at least one current attribute of the data set. A determination is made as to whether the determined at least one current attribute satisfies a criteria. Indication is made in a catalog to change a class associated with the data set in response to determining that the at least one current attribute satisfies the criteria, wherein the class is used to determine how to manage the data set. The data set is migrated from a first storage to a second storage. A recall operation is initiated to recall the data set from the second storage. In response to the recall operation and determining that the catalog indicates to change the class associated with the data set, the catalog is processed to determine whether to change the class for the data set from a first class to a second class and a management operation is performed on the data set to conform the data set to the second class when recalling the data set.