Optical transition radiation (OTR) arising when a relativistic charged particle crosses a boundary between two media with different optical properties is widely used as a tool for diagnostics of particle beams in modern accelerator facilities. The resolution of the beam profile monitors based on OTR depends on different effects of the optical system such as spherical and chromatic aberrations and diffraction. In this paper we present a systematic study of the different optical effects influencing the OTR beam profile monitor resolution. Obtained results have shown that such monitors can be used for sub-micrometer beam profile diagnostics. Further improvements and studies of the monitor are discussed.