Parameter adjustment through numerical optimization has become a commonplace of contemporary microwave engineering. Although circuit theory methods are ubiquitous in the development of microwave components, the initial designs obtained with such tools have to be further tuned to improve the system performance. This is particularly pertinent to miniaturized structures, where the cross-coupling effects cannot be adequately accounted for using equivalent networks. For the sake of reliability, design closure is normally performed using full-wave electromagnetic (EM) simulation models, which entails considerable computational expenses, often impractically excessive. Available mitigation techniques include acceleration of the conventional (e.g., gradient-based) routines using adjoint sensitivities or sparse sensitivity updates, surrogate-assisted and machine learning algorithms, the latter often combined with nature-inspired procedures. Another alternative is the employment of variable-fidelity simulations (e.g., space mapping, co-kriging), which is most often limited to two levels of accuracy (coarse/fine). This work discusses an EM model management approach coupled with trust-region gradient-based routine, which exploits problem-specific knowledge for continuous (multi-level) modification of the discretization density of the microwave structure at hand in the course of the optimization run. The optimization process is launched at the lowest discretization level, thereby allowing for low-cost exploitation of the knowledge about the device under study. Subsequently, based on the convergence indicators, the model fidelity is gradually increased to ensure reliability. The simulation fidelity selection is governed by the algorithm convergence indicators. Computational speedup (i.e., reduction in the number of EM simulations required by the optimization process to converge) is achieved by maintaining low resolution in the initial stages of the optimization run, whereas design quality is secured by eventually switching to the high-fidelity model when close to concluding the process. Numerical verification is carried out using two microstrip circuits, a dual-band power divider and a dual-band branch-line coupler, with the average savings of almost sixty percent when compared to single-fidelity optimization.