Venerable Rachel Treweek was appointed the new Bishop of Gloucester and will be the first woman to take a seat in the House of Lords.
Revd Canon Dame Sarah Mullally was also consecrated as the Bishop of Crediton during the service at Canterbury Cathedral.
The Archbishop of Canterbury, Most Revd Justin Welby, led the service whilst the 22-strong Canterbury Cathedral Girls' Choir led the singing.
Former speech and language therapist Ms Treweek, who was Archdeacon of Hackney, officially becomes the Church's first female diocesan bishop.
The 52-year-old, who describes herself in her Twitter profile as "more vulnerable than venerable", is the first woman to run a diocese and is one rank below archbishop.
She said she was "excited and full of anticipation and joy for what lies ahead" as she begins her ministry as Bishop of Gloucester.
"I am looking forward to encouraging Christians to speak out with confidence about their faith and the good news that the Gospel brings," she said.
"My calling to the role of bishop has been shaped by human encounter. I believe profoundly that relationship is at the heart of who God is.
"I have been with people through the joys and pains of their lives and it is these experiences that I will reflect upon as I take up this new role."
The ceremony of ordination and consecration conferred on her the title of Right Reverend.
She married Guy, priest-in-charge of two parishes in the City of London, in 2006, the same year she was appointed Archdeacon of Northolt. In 2011, she became Archdeacon of Hackney.
Ms Treweek and Dame Sarah are the third and fourth female bishops to be appointed in the Church of England respectively.
Dame Sarah, a married mother-of-two, spoke last month of how she will miss her old job as Salisbury Cathedral's canon treasurer.
She said: "It has been a privilege and great joy to have been part of the cathedral community and I will miss some wonderful colleagues and friends.
"My time here has equipped me well for my ministry that is ahead in Devon and I will take much with me into my new role."
