Bug Tracking process is some thing is like this. Once the bug has been raised, then the tester has to track the bug till closer.

Once the defect is logged we will specifiy the Severity. And Team lead will prioritze the bug bag/defect based on High, Medium and Low. This is done in a analysis process called Defect Analysis report. Here Test Lead, Development Lead, QA lead, PM will be the actors. They will discuss and aggree upon priority of the defect where they will decied which they will fix for the next build and which will be fixed later. After that in the next build they will fix all the bugs based on the priority. And now the tester has to verify and closed/Re-issue the defects.

Bug tracking is tracking the defects from open to close status.