TON 0599 (z=0.7247) belongs to the few flat spectrum radio quasars (FSRQs) detected in the very high energy (VHE, E > 100 GeV) gamma-ray band. Its redshift makes it currently one of the farthest VHE gamma-ray sources. It was detected for the first time with the MAGIC telescopes on 2017 December 15, and observed until December 29. The flux reached a maximum of about 50percnt of the Crab Nebula flux above 80 GeV on the second night of observation, after which we witnessed a gradual decrease of the flux. The VHE gamma-ray spectrum connects smoothly to the one in the high energy (E > 100 MeV) band obtained from simultaneous observations with Fermi-LAT. It features a cut-off at energies around 50 GeV, indicating the location of the gamma-ray emission zone beyond the broad line region. In addition, we were able to follow the spectral evolution during the fading phase of the flare. Multiwavelength analysis based on observations in optical, near-infrared, and radio bands acquired by the Whole Earth Blazar Telescope (WEBT) Collaboration from November to March, as well as observations in X-ray and optical–UV bands with instruments on board the Swift satellite, shows strong correlation between different bands. We model the broadband emission with a simple one-zone leptonic model, where the high-energy peak is predominantly produced by external Compton (EC) scattering of photons from the dusty torus.