Provided are a computer program product, system, and method for invoking demote threads on processors to demote tracks from a cache. A plurality of demote ready lists indicate tracks eligible to demote from the cache. In response to determining that a number of free cache segments in the cache is below a free cache segment threshold, a determination is made of a number of demote threads to invoke on processors based on the number of free cache segments and the free cache segment threshold. The determined number of demote threads are invoked to demote tracks in the cache indicated in the demote ready lists, wherein each invoked demote thread processes one of the demote ready lists to select tracks to demote from the cache to free cache segments in the cache.