Provided are a computer program product, system, and method for populating a second cache with tracks from a first cache when transferring management of the tracks from a first node to a second node. Management of a first group of tracks in the storage managed by the first node is transferred to the second node managing access to a second group of tracks in the storage. After the transferring the management of the tracks, the second node manages access to the first and second groups of tracks and caches accessed tracks from the first and second groups in the second cache of the second node. The second cache of the second node is populated with the tracks in a first cache of the first node.