Simulating optical tactile sensors presents significant challenges due to their high deformability and intricate optical properties. To address these issues and enable a physically accurate simulation, we propose DOT-Sim: Differentiable Optical Tactile Simulation. Unlike prior simulators that rely on simplified models of deformable sensors, DOT-Sim accurately captures the physical behavior of soft sensors by modeling them as elastic materials using the Material Point Method (MPM). DOT-Sim enables rapid calibration of optical tactile sensor simulation using a small number of demonstrations within minutes, which is substantially faster than existing methods. Compared to current baselines, our approach supports much larger and non-linear deformations. To handle the optical aspect, we propose a novel approach to simulating optical responses by learning a residual image relative to the real-world idle state. We validate the physical and visual realism of our method through a series of zero-shot sim-to-real tasks. Our experiments show that DOT-Sim (1) accurately replicates the physical dynamics of a DenseTact optical tactile sensor in reality, (2) generates realistic optical outputs in contact-rich scenarios, (3) enables direct deployment of simulation-trained classifiers in the real world, achieving 85% classification accuracy on challenging objects and 90% accuracy in embedded tumor-type detection, and (4) allows precise trajectory following with a policy trained from demonstrations in simulation, with an average error of less than 0.9 mm.