Thermoelastic damping effects are very important intrinsic losses in microelectromechanical system/nanoelectromechanical system based sensors and filters, which limit the maximum achievable quality factor. Thermoelasticity arises due to coupling between the temperature field and elastic field of the material and its interaction within the material structure. The impacts of axisymmetric and non-axisymmetric vibrations, plate dimensions, material parameters, boundary conditions, mode switching, and temperature on thermoelastic damping limited quality factors (QTED) and critical thickness (hc) were analyzed, and the conditions for an enhanced quality factor were optimized in this work. The analytical models of circular plate resonators have been developed in terms of material performance indices for axisymmetric and non-axisymmetric vibrations. QTED and hc were analyzed based on two boundary conditions: simply supported and clamped–clamped. In order to obtain maximum QTED, micro-circular plates with diamond as the structural material operating at a lower temperature and with non-axisymmetric vibrations are proposed in this paper.