<PAGE>

                                                                    EXHIBIT 21.1
 
                  LIST OF SUBSIDIARIES OF CELLSTAR CORPORATION
                  --------------------------------------------

<TABLE>
<CAPTION>
 
NAME OF SUBSIDIARY                              INCORPORATION                         TRADENAMES USED    
------------------                              -------------                         ---------------    
<S>                                       <C>                                       <C>                      
                                                                                                       
National Auto Center, Inc.                           Texas                          National Auto Cellular
                                                                                                       
                                                                                        PC Cellular      
                                                                                           TelStar        
                                                                                     Communication Center 
                                                                                          CellStar        
                                                                                     Cellular Accessories 
                                                                                            CMart          
                                                                           
CellStar Air Services, Inc.                        Delaware                                 None
                                                                           
NAC Holdings, Inc.                                  Nevada                                  None          
                                                                           
CellStar Fulfillment, Inc.                         Delaware                                 None          
                                                                           
CellStar International                                                     
 Corporation/Asia                                  Delaware                                 None          
                                                                           
CellStar International                                                    
 Corporation/S.A.                                  Delaware                                 None          
                                                                          
Audiomex Export Corporation                        Delaware                                 None
                                                                          
CellStar Ltd.                             Texas Limited Partnership                 National Auto Cellular
                                                                                         PC Cellular
                                                                                     Communication Center
                                                                                           CellStar
                                                                          
CellStar Fulfillment, Ltd.                Texas Limited Partnership                         None
                                                                           
A & S Air Service, Inc.                            Delaware                                 None
                                                                           
CellStar West, Inc./(1)/                           Delaware                                 None
                                                                    
CellStar (Asia) Corporation LTD                   Hong Kong                                 None
                                                                     
CellStar Pacific PTE LTD/(2)/                     Singapore                                 None
</TABLE> 
---------------------------------                                   

     /(1)/    80% owned joint venture                              

     /(2)/    80% owned joint venture
<PAGE>
 
<TABLE>
<CAPTION>

                                               JURISDICTION OF 
NAME OF SUBSIDIARY                              INCORPORATION                         TRADENAMES USED    
------------------                              -------------                         ---------------    
<S>                                       <C>                                       <C>                      
 
CellStar Singapore PTE LTD                        Singapore                                 None
 
CellStar S.A.                                     Argentina                               Servicell
 
CellStar International
 Telefonia Celular, Ltda.                          Brazil                            Cellular Express
 
CellStar Celular Chile S.A.                        Chile                                  Servicell
 
CellStar Celular S.A.                            Venezuela                                  None
 
CellStar Industria da
 Telefonia da Amazonia LTD                         Brazil                                   None
 
CellStar de Colombia, Ltda.                       Colombia                           Cellular Express
                                                                                          Servicell
 
CellStar Ecuador S.A.                              Ecuador                                  None
 
Celular Express S.A. de C.V.                       Mexico                                   None
 
Celular Express
 Management S.A. de C.V.                           Mexico                                   None
 
CellStar Philippines, Inc./(3)/                  Philippines                                None
 
CellStar Amtel Sdn Bhd/(4)/                       Malaysia                                  None
 
CellStar (Taiwan) Co., Ltd.                        Taiwan                                   None
 
CellStar Telecommunication
 Service Company/(5)/                             Hong Kong                                 None
 
Shanghai CellStar International
 Trading Company, LTD                               China                                   None
 
</TABLE>
----------------------------

     /(3)/    100% owned by CellStar Pacific PTE LTD
   
     /(4)/    40% owned by CellStar Pacific PTE LTD

     /(5)/    60% owned by CellStar (Asia) Corporation LTD