Provided are a computer program product, system, and method for managing data in a first cache and a second cache. A reference count is maintained in the second cache for the page when the page is stored in the second cache. It is determined that the page is to be promoted from the second cache to the first cache. In response to determining that the reference count is greater than zero, the page is added to a Least Recently Used (LRU) end of an LRU list in the first cache. In response to determining that the reference count is less than or equal to zero, the page is added to a Most Recently Used (LRU) end of the LRU list in the first cache.