Provided are a computer program product, system, and method for managing cache segments between a global queue and a plurality of local queues using a machine learning module. Cache segment management information related to management of segments in the local queues and accesses to the global queue to transfer cache segments between the local queues and the global queue, are provided to a machine learning module to output an optimum number parameter comprising an optimum number of segments to maintain in a local queue and a transfer number parameter comprising a number of cache segments to transfer between a local queue and the global queue. The optimum number parameter and the transfer number parameter are sent to a processing unit having a local queue to cause the processing unit to transfer the transfer number parameter of cache segments between the local queue to the global queue.
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