The ceremony for Glasgow-born John Keenan, 49, took place at St Mirin's Cathedral in the Renfrewshire town last night, making him Scotland's youngest Bishop.
The Diocese Of Paisley has been vacant since September 2012, when Bishop Philip Tartaglia became Archbishop Of Glasgow.
Father David Boyd was the administrator of the diocese in the interim period.
It was announced earlier this year that Pope Francis was appointing Bishop Keenan to the post.
The new Bishop was consecrated by Archbishop Tartaglia. He was supported by co-consecrators Archbishop Leo Cushley, of St Andrews And Edinburgh, and Bishop John Mone, the former Bishop Of Paisley.
The Papal Nuncio, Archbishop Antonio Mennini, attended to represent Pope Francis.
In a first for a Scottish Diocese, the Diocese Of Paisley produced a 16-minute biographical video that featured interviews with the new Bishop.
The film was designed to introduce Bishop Keenan to the Diocese. It was shown in the Cathedral, as well as the town's Lagoon Leisure Centre.
Speaking ahead of his Episcopal Ordination, the new Bishop said: "I know Paisley is a wonderful diocese with good priests and people full of faith.
"I am looking forward to being with my brother priests, many of whom I already know really well, and getting to know the people and the parishes of the diocese. I hope just to settle in and listen a lot."
Bishop Keenan was born in 1964. He later went on to study at Glasgow University and was Chaplain at Holyrood from 1997 to 2000, and the University Chaplain from 2000 until the present day.
He was formerly a parish priest at St Patrick's Church, Anderston.
On his appointment Bishop Keenan said: "This is an exciting time in the church under Pope Francis' lively leadership and I hope to put as much of his vision into my own personal life and ministry as I can.
"I know many people in Paisley and Glasgow will be praying for me and I thank them very much."