The Tracker of the Compact Muon Solenoid (CMS) experiment is the largest silicon tracker ever built, with 1856 pixel and 15148 strip detector modules that provide accurate track reconstruction. Special challenges must be addressed in the Run 3 data-taking period such as the high instantaneous luminosity and the rapid changes due to module irradiation, particularly in the newly installed Layer 1 of the barrel pixel detector. To achieve high precision in measurements of the momenta of charged particles, corrections for the position, rotation and curvature of the detector modules must be found; a procedure known as tracker alignment. Magnet cycles, temperature variations and aging of modules cause significant time variations that affect the track reconstruction and therefore necessitate continuous alignment throughout the operation of the Large Hadron Collider (LHC) machine. In this paper, the performance of the CMS Tracker pixel and strip detectors on early Run 3 data will be presented. Focus will also be placed on the CMS Tracker alignment, highlighting new features developed for the Run 3 data taking period. The impact of the Tracker alignment on physics performance will also be reviewed.