<PAGE>
                                                                     EXHBIT 21.1
 

                  LIST OF SUBSIDIARIES AND FOREIGN AFFILIATES
                  -------------------------------------------
             AND PERCENTAGE OF CELLSTAR CORPORATION'S OWNERSHIP/1/
             -----------------------------------------------------     
                           [as of February 23, 1998]


Name of Subsidiary                         Incorporation
------------------                         -------------
                                     
National Auto Center, Inc.                 Delaware
                                     
CellStar Financo, Inc.                     Delaware
                                     
CellStar Air Services, Inc.                Delaware
                                     
A&S Air Service, Inc.                      Delaware
                                     
CellStar Telecom, Inc.                     Delaware
                                     
Topp Telecom, Inc./2/                      Florida
                                     
CellStar Ireland                           Ireland
                                     
CellStar Fulfillment, Inc.                 Delaware
                                     
NAC Holdings, Inc.                         Nevada
                                     
CellStar Holding AB                        Sweden

CellStar - Intercall AB                    Sweden
                                     
CellStar West, Inc./3/                     Delaware
                                     
Florida Properties, Inc.                   Texas
                                     
CellStar, Ltd.                             Texas Limited Partnership
                                     
CellStar Fulfillment, Ltd.                 Texas Limited Partnership


------------------------

        /1/    100%, unless otherwise stated.

        /2/     18%. Have subscribed for an additional 12% of outstanding
                stock.

        /3/     80% owned


<PAGE>
 
                  LIST OF SUBSIDIARIES AND FOREIGN AFFILIATES
                  -------------------------------------------
              AND PERCENTAGE OF CELLSTAR CORPORATION'S OWNERSHIP
              --------------------------------------------------     
                           [as of February 23, 1998]


Name of Subsidiary                          Incorporation
------------------                          -------------
                                           
CellStar International Corporation/SA       Delaware
                                           
CellStar, S.A.                              Argentina
                                           
CellStar International Telefonia           
  Celular Ltda.                             Brazil
                                           
CellStar Industria da Telefonia            
  da Amazonia Ltda.                         Brazil
                                           
CellStar do Brasil Ltda./4/                 Brazil
                                           
CellStar Celular Chile, S.A.                Chile
                                           
CellStar de Colombia, S.A.                  Colombia
                                           
CellStar Ecuador, S.A.                      Ecuador
                                           
CellStar (UK) Ltd.                          United Kingdom
                                           
CellStar Europe Ltd.                        United Kingdom
                                           
CellStar Celular, S.A.                      Venezuela
                                           
ACC-CellStar, Inc./5/                       Delaware
                                           
Audiomex Export Corp.                       Texas

Celular Express S.A. de C.V.                Mexico

Celular Express Management
  S.A. de C.V.                              Mexico


-------------------------

        /4/    51% owned.

        /5/    80% owned.

                                       2
<PAGE>
 
                  LIST OF SUBSIDIARIES AND FOREIGN AFFILIATES
                  -------------------------------------------
              AND PERCENTAGE OF CELLSTAR CORPORATION'S OWNERSHIP
              --------------------------------------------------     
                           [as of February 23, 1998]


Name of Subsidiary                         Incorporation
------------------                         -------------

CellStar International Corporation/Asia    Delaware
                                           
CellStar Pacific Pte. Ltd.                 Singapore
                                           
CellStar Amtel Sdn Bhd/6/                  Malaysia
                                           
CellStar Philippines, Inc.                 Philippines

CellStar Telecommunication
  Taiwan Co Ltd.                           Taiwan

CellStar (Asia) Corporation Limited        Hong Kong

Shanghai CellStar International
  Trading Co. Ltd.                         PRC

CellStar Telecommunications
  Service (Asia) Limited/7/                Hong Kong

CellStar Singapore Pte Ltd                 Singapore

HCL-CellStar Ltd./8/                       India


------------------------

        /6/    30% directly owned and 19% beneficially owned.

        /7/    60% owned.

        /8/    50% owned.

                                       3