A N-way merge technique efficiently updates metadata in accordance with a N-way merge operation managed by a volume layer of a storage input/output (I/O) stack executing on one or more nodes of a cluster. The metadata is embodied as mappings from logical block addresses (LBAs) of a logical unit (LUN) accessible by a host to durable extent keys, and is organized as a multi-level dense tree. The mappings are organized such that a higher level of the dense tree contains more recent mappings than a next lower level, i.e., the level immediately below. The N-way merge operation is an efficient (i.e., optimized) way of updating the volume metadata mappings of the dense tree by merging the mapping content of all three levels in a single iteration, as opposed to merging the content of the first level with the content of the second level in a first iteration of a two-way merge operation and then merging the results of the first iteration with the content of the third level in a second iteration of the operation.