If you document your study time and record all your exam scores, then you track your progress in school. In this case the verb track shows that you're following the path of something. The noun track can refer to a path of a more literal kind.
The noun track can describe a variety of paths, such as the rails that trains chug along, a course that racehorses run, or the big oval course in an ice rink. If you're competing in a five-lap race and you have the fastest speed after the first four laps, you're on track to win the race. In this case the term "on track" is describing a figurative path, one that indicates you're in a good position to achieve what you want.