The evolution of small magnetic features in quiet regions of the Sun provides a unique window to probing solar magnetoconvection. Here we analyze small scale magnetic features in the quiet Sun, using the high resolution, seeing-free observations from the Sunrise balloon borne solar observatory. Our aim is to understand the contribution of different physical processes, such as splitting, merging, emergence and cancellation of magnetic fields to the rearrangement, addition and removal of magnetic flux in the photosphere. We employ a statistical approach for the analysis and the evolution studies are carried out using a feature tracking technique. In this paper we provide a detailed description of the feature tracking algorithm that we have newly developed and we present the results of a statistical study of several physical quantities. The results on the fractions of the flux in the emergence, appearance, splitting, merging, disappearance and cancellation qualitatively agrees with other recent studies (see e.g., Lamb et al. 2008Lamb et al. , 2013. To summarize, the total flux gained in unipolar appearance is an order of magnitude larger than the total flux gained in emergence. On the other hand, the bi-polar cancellation contributes nearly an equal amount to the loss of magnetic flux as unipolar disappearance. The total flux lost in cancellation is nearly 6 − 8 times larger than the total flux gained in emergence. One big difference between our study and previous similar studies is that thanks to the higher spatial resolution of Sunrise we can track features with fluxes as low as 9 × 10 14 Mx. This flux is nearly an order of magnitude lower than the smallest fluxes of the features tracked in the highest resolution previous studies based on Hinode data. The area and flux of the magnetic features follow power-law type distribution, while the lifetimes show either power-law or exponential type distribution depending on the exact definitions used to define various birth and death events. We also statistically determine the evolution of the flux within the features in the course of their lifetime, finding that this evolution depends very strongly on the birth and death process that the features undergo.