Consist in vs. Consist of

In discussing abstract things, consist can be used to mean “lie or reside”; in such cases it is used with the preposition in:

happiness consists in loving and being loved

his weakness consisted in his overconfidence

When it is used to mean “to be made up of,” it is used with the preposition of:

the Olympic basketball team consisted of five guards, five forwards, and two centers

Note that the first use of consist is not particularly common, especially in informal speech and writing. The second meaning is far more common.