Which one is a correct sentence?

উপাদান অপরিবর্তীত থাকলে of হয়।
যেমন - Chairs are made of wood.
Here, wood is still wood. It doesn't transform into something else.

আর উপাদান পরিবর্তীত হয়ে গেলে from বসে।
যেমন - Paper is made from wood. 
Made from is used when the material changed its nature.