Assuming you're not working on a production DB (and hence things like long-running queries, and dropping/re-creating tables are OK) - then I think the fastest way would be to use a Create Table AS SELECT statement.
For example:
CREATE TABLE track_tag_V2 AS SELECT track.id AS id, track.track_id, tag.id AS tag_id
FROM track_tag track, tag
WHERE track.tag = tag.tag
;
And then (Assuming the structure is to your liking) simply DROP track_tag and then RENAME track_tag_V2 to track_tag and you're done!
However, this may not (and probably will not) the the BEST way. If your DB is de-normalised to this point, it may have been done for performance reasons already (normalisation optimises storage, not performance). It may also be in need of a total re-design (which is not fast).
track_idcorrespond to a uniquetag? If so, then just remove thetagcolumn fromtrack_tag.