Recent advances in the design and fabrication of on-chip optical microresonators has greatly expanded their applications in photonics, enabling metrology, communications, and on-chip lasers. Designs for these applications require fine control of dispersion, bandwidth and high optical quality factors. Co-engineering these figures of merit remains a significant technological challenge due to design strategies being largely limited to analytical tuning of cross-sectional geometry. Here, we show that photonic inverse-design facilitates and expands the functionality of on-chip microresonators; theoretically and experimentally demonstrating flexible dispersion engineering, quality factor beyond 2 million on the silicon-on-insulator platform with single mode operation, and selective wavelength-band operation.